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Elena R
Elena R
Author
Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.
- Apr 30, 2024 13:36 UTC
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From Bullish Stride to Market Tumble: Decrypting the Latest Crypto Rollercoaster
The total market value is shrinking due to trader confusion, with Bitcoin and Ethereum prices dropping.
Investors are moving away from riskier altcoins to stablecoins and Bitcoin due to increased volatility.
Upcoming events like the Fed's interest rate decision and CZ's sentencing could cause further market swings
Cryptocurrency enthusiasts find themselves on a rollercoaster ride as the crypto market takes a tumble over the past day, leaving traders scratching their heads in confusion. Despite a surge in positive sentiments surrounding cryptocurrencies in recent months, the Bitcoin price has stumbled in its attempt to maintain its bullish stride, stumbling at the significant $74k threshold.
The latest market data paints a somber picture, with Ethereum (ETH) witnessing a plunge of over 5 percent on Tuesday, dipping to a low of approximately $2,962. To weather the storm of volatility, more investors are shifting their focus from the unpredictable altcoin market to the relatively stable realms of both stablecoins and the Bitcoin market.
This shift is reflected in Bitcoin’s dominance, which surged by 1 percent to around 55.16 percent on Tuesday.
Liquidations Mount as Volatility Peaks
As the crypto landscape becomes increasingly volatile, the fallout is palpable, with over $100 million worth of long traders liquidated in the past four hours alone, adding to the staggering tally of nearly $300 million wiped out in the past 24 hours.
The tumult in the crypto sphere is poised to intensify in the days ahead, with all eyes on high-impact events, notably the impending release of crucial data by the United States Federal Reserve concerning interest rates and the Federal Open Market Committee (FOMC) on Wednesday.
Additionally, the looming sentencing of former Binance CEO CZ threatens to further roil the already turbulent waters of the market.
Is There Hope Still?
The cryptocurrency market is already in a macro bull cycle following the recent Bitcoin halving and the approval of spot BTC ETFs in Hong Kong and the United States. As a result, a possible crypto rebound could send Bitcoin price to a new all-time high (ATH) anytime in the coming months.
Also Check Out: Why is The Bitcoin (BTC) Price Down Today? Here Are the Top Reasons
With volatility on the rise, is it time to adjust your crypto investment strategy?
Yes 
No 
