Cryptocurrency Market Faces Significant Declines As Bitcoin, Ethereum, And Solana Lead The Drop

In the past 24 hours, the cryptocurrency market witnessed a notable downturn, with Bitcoin (BTC) plummeting to a low of $65,086, marking a 4.57% decrease. Ethereum (ETH) also experienced a significant drop below the $3,200 mark, down by 8.12%. Solana (SOL) followed suit, falling below $150 with a 12.68% decline. 

Other cryptocurrencies, such as WIF and PEPE, saw drops of 24.1% and 20.3%, respectively. The collective market liquidated $829 million in the past 12 hours, with the majority, $785 million, stemming from long orders.

According to data from Spotonchain, Alameda Research, a prominent player in the cryptocurrency space, made significant moves as the market faced a crash. The firm transferred 2,500 ETH ($8.55 million) to Coinbase at a price of $3,426 via the middle wallet 0xcef. 

This action follows a trend observed since March 1, 2024, where FTX and Alameda deposited 15,850 ETH into Coinbase at an average price of $3,659 ($58 million), often coinciding with dramatic price shifts in the market.

ETH Withdrawal And Activities From Whale Triggers Price Drop 

Interestingly, the recent withdrawal of ETH by FTX and Alameda Research preceded a sharp decline in the ETH price. Lookonchain data revealed further activity from a whale in the market. The whale deposited 6,700 ETH ($23.65 million) to Binance just before the market downturn. 

Previously, the whale withdrew 26,698 ETH ($94.3 million) from Binance for staking purposes between February 7 and April 1. Notably, the whale’s decision to deposit 6,700 ETH back to Binance yesterday suggests a preemptive move to prepare for staking amid the anticipated market drop.

The cryptocurrency market’s recent volatility underscores the challenges and uncertainties facing investors and traders, highlighting the importance of closely monitoring market trends and institutional movements.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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