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The crypto market plummeted further on April 15 after a flash crash during the previous weekend sank most top-cap cryptocurrencies by as much as 10%.
Bitcoin (BTC) fell 7% from a high of $67,087 on April 15 to an intra-day low of $61,791 on April 16. The big crypto has dropped 5% over the last 24 hours to trade at $63,265, while Ether (ETH) sank by the same percentage, down 5% as well to $3,083, according to data from Coin360. This performance increased Bitcoin's dominance to 52.94%.
Cryptocurrency 24-hour performance. Source: Coin360
The global crypto market capitalization has fallen by 4.56% over the last 24 hours to $2.29 trillion.
Broadly speaking, most of the top 10 cryptocurrencies are flashing red. The most notable losses over the last 24 hours were witnessed by Solana's SOL, which was down 12.7%, and Toncoin (TON), which declined 12.08%.
Apart from Dogecoin, other top-cap memecoins were also witnessing a bloodbath. Shiba Inu (SHIB) posted over 8.7% losses over the last 24 hours to trade at $0.00002161. Solana-based memecoins Bonk (BONK) and Dogwifhat (WIF) recorded 15.3% and 14% losses over the same timeframe, respectively.
Performance of top cryptocurrencies. Source: CoinMarketCap
The only notable appreciation over the last seven days fell upon Ondo (ONDO) and Unus Sed Leo (LEO) holders. ONDO climbed 3% to $0.824, while LEO rose 1.06% to $0.005769.
As in previous cases, Bitcoin and the wider crypto market are once again crashing due to political chaos in the Middle East.
This time, the geopolitical tensions involve Iran and Israel, causing investors to enter a risk-off mode. For instance, Bitcoin price dipped to $62,000 on Saturday when reports confirmed that Iran had launched dozens of drones and missiles at Israel. However, following reports by Iran's United Nations (UN) Mission that the country's retaliatory attack on Israel was "deemed complete," Bitcoin price bounced above $65,000 on Sunday.
On Monday, April 15, BTC crashed again as Hong Kong's approval of spot Bitcoin ETFs failed to spark a pre-halving rally. There are reports of new BTC ETF ads in the city, with anticipation for launching next week as the Dubai Conference takes precedence.
However, Bloomberg ETF analyst Eric Balchunas warned his followers on X not to expect a lot of flows into the HK ETFs, citing the size of the market and the issuers as too small compared to the United States.
Nevertheless, it remains clearly "positive for Bitcoin as it opens up more avenues" for investments, Balchunas said.
The drop in the prices of major cryptocurrencies has led to a rush of liquidations across the derivatives market. Long derivatives traders appear to have been caught off guard, leading to a quick spat of leveraged liquidations.
In the past 24 hours, over $301 million in crypto positions have been liquidated across the crypto market, with $3=128 million wiped out in the last 12 hours
Crypto market liquidations. Source: Coinglass
Over 104,415 traders were liquidated, with the largest single liquidation being Ether/USD on OKX, valued at $5.97 million.
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