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April 26, 2023 11:09 p.m. | 2 minute read
Major traded coins shuffled on Wednesday after blockchain analytics firm Arkham Intelligence denied playing a role in the flash crash that saw major cryptocurrencies plummet.
CryptocurrencyEarnings (+/-)Price (recorded at 9:30 PM EST)Bitcoin (CRYPTO:BTC)+2.13%$28,919Ethereum (CRYPTO:ETH)+2.05%$1,906Dogecoin (CRYPTO:DOGE)-0, 52%$0.079
What happened: According to the latest data from Coinglass, traders were hit hard with around $310 million in losses due to rapid liquidations in the last 24 hours.
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At the time of writing, the global crypto market capitalization stood at $1.20 trillion, an increase of 1.21% from the last day.
The US stock market had a mixed session as Big Tech earnings sparked excitement. While the S&P 500 fell 0.38%, the tech-focused Nasdaq Composite managed to gain 0.47%.
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See more: Best Crypto Day Trading Strategies
News Highlights: Bitcoin saw a sharp decline of around 7% in one hour on Wednesday night, from $29,850 to $27,789.
Several reports attributed the rapid drop to an incorrect alert sent by blockchain analytics firm, Arkham Intelligence. According to reports, the alert falsely claimed that large amounts of Bitcoin were being transferred to wallets linked to Mt. Gox and the US government.
After initially acknowledging the error and attributing it to a bug fix, Arkham Intelligence later tweeted that their alerts were accurate in this particular case.
Analyst Notes: Banking jitters have revitalized life in cryptos. Bitcoin is on the rise, along with all major cryptos, as banking stress supports the use case for digital assets. Bitcoin still faces a ton of resistance and this current rally will likely struggle until we get a clearer regulatory framework for cryptos, said Edward Moya, senior market analyst at OANDA.
Macroeconomist Henrik Zeberg predicts that Bitcoin is poised to soar this summer as worries about an impending recession gradually fade. Zeberg, who has over 109,000 Twitter followers, says that with the crypto king in the lead, risky assets like cryptocurrencies are set to skyrocket in the coming months.
Based on Zebergs’ analysis, a blowout scenario is unfolding for both equities and crypto, primarily driven by falling fixed income yields. Zeberg believes that the market rally will be fueled by a significant decline in yields, while the economy remains in the comfortable Goldilocks zone. Overall, the projection is that risky assets like Bitcoin will rise in the summer season.
Read next: Jim Cramer advises against using Binance and provokes strong reactions from Twitter users
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