Before the monthly fence in the coming days, the cryptography market, led by Bitcoin (BTC), felt a growing lower feeling. The total market capitalization of cryptography fell by approximately 4.2% in the last 24 hours to oscillate approximately 2.89 billions of dollars on Friday, during the early negotiation session for Western financial markets.
In the past 24 hours, the XRP prices of Ethereum (ETH) and Ripple Labs have dropped by more than 5% to negotiate at around $ 1,909 and $ 2.24 respectively at the time of writing this article. Following Suddi Crypto Seloff today, more than $ 336 million were liquidated from the leverage cryptography market, mainly involving long merchants.
Major forces behind Crypto Dump today
The open interest of term contracts on the decrease
During the last 24 hours, the total of open interests (OI) for the cryptography market has dropped approximately 2.57% to oscillate around $ 109 billion when writing this. The Ripple XRP experienced about 3.21% in its OI to hover about $ 3.92 billion on Friday.
The Ethereum market has dropped a 3.58% drop in its OR in the last 24 hours to oscillate around $ 22.37 billion. Meanwhile, the Bitcoin OI decreased by around 1% in the last 24 hours to oscillate around 56.84 billion dollars when writing this.
The uncertainty caused by us led tariff wars
Before the implementation of the American rate on April 2, the cryptography market felt a lower feeling. In addition to the high impact news on Friday on inflation concerning basic personal consumption expenses for monthly and annuals, the demand for the crypto-capitulation of the crypto is palpable.
Low request from short -term holders compared to long -term investors
According to the analysis of Glassnode market data, short -term cryptography investors have unloaded their assets while long -term investors are gradually accumulating. The overall demand for stablescoins has gradually increased as investors protect their capital from devaluation in the midst of continuous bearish feeling.
