On April 12, Bitcoin experienced a significant price drop, plunging 5% within an hour, causing extensive losses in the crypto market. From a high of $68,341, Bitcoin fell to a low of $65,110 during late trading hours in New York. Ether, the second-largest cryptocurrency by market cap, also saw a decline, dropping 8% from $3,553 to $3,226. This downturn resulted in over $417 million in leveraged positions being wiped out, primarily on the exchanges Binance and OKX, with total liquidations across platforms reaching $860 million. The market volatility coincided with U.S. stock market declines and rising concerns about persistent inflation after recent U.S. economic reports, which have diminished hopes for imminent Federal Reserve rate cuts. JPMorgan Chase CEO Jamie Dimon cited persistent inflation and geopolitical tensions as ongoing economic threats. This market update serves as a reminder of the high risks involved in cryptocurrency investments and trading.
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