The post Crypto Market Crash: Why BTC, ETH, BNB, XRP Prices Are Plunging appeared on BitcoinEthereumNews.com.

Bitcoin’s price fell 4.29% as market fear rises and derivatives activity surges. Ethereum’s value dropped 6.64% with increased derivatives trading and volatility. XRP declined 4.51%, despite a surge in derivatives volume and bullish sentiment. Major cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), and XRP, have all seen significant declines alongside the current turbulent market. Bitcoin Experiences Decline Amid Mixed Market Trends Bitcoin’s price slid to as low as $52,714.52 before climbing back to currently trade at $54,140, a 3.90% decrease over the past 24 hours. Its market cap now sits at $1.06 trillion, with a 24-hour trading volume of $48.79 billion. The circulating supply of Bitcoin is 19,750,603 BTC, approaching its maximum limit of 21 million BTC. Recent market trends show a mixed picture. Gold futures have declined by 0.38%, while the U.S. Dollar Index has risen slightly. Bitcoin dominance and exchange balances have both decreased marginally. Additionally, the Crypto Fear & Greed Index has plummeted by 24.14%, signaling increased market fear. Source: Coinglass Despite these negative indicators, derivatives activity has surged. Futures volume has risen by 60.42%, and liquidations have spiked by 197.77%. Open interest in futures has dropped by 2.82%. Notably, top traders on Binance and OKX show a strong preference for long positions, with Binance’s top accounts up by over 21%.  Ethereum’s Price Falls as Derivatives Activity Rises Ethereum’s price has fallen to $2,212.80, marking a 6.64% decline in the last 24 hours. The market cap of Ethereum is $266.24 billion, with a 24-hour trading volume of $25.34 billion. Ethereum’s circulating supply stands at 120,317,181 ETH. Ethereum derivatives data shows a 103.18% increase in trading volume, reaching $44.76 billion. However, open interest has slightly decreased by 2.78% to $10.07 billion. Options trading volume has jumped by 95.49%, but options open interest has fallen by 1.83%.…

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Filed under: News - @ September 7, 2024 8:23 am