Bitcoin (BTC) and the broader cryptocurrency market fell nearly 10% on Saturday, with the price of the largest digital asset briefly falling below $62,000 before recovering to around $64,000 at press time .
It wasn’t the only one: other major digital assets saw similar declines over the past 24 hours, including ether (ETH), which fell 7% to just under $3,000, BNB (BNB) (down 9%) and solana (SOL) (down). 12%), according to CoinGecko. Trading volume increased during the same period.
The decentralized finance (DeFi) sector has been particularly hard hit due to market chaos, with falling prices forcing liquidations and increasing the risk of devastation for some protocols.
Among the closely watched protocols is Ethena, the Ethereum project behind USDe, a “synthetic dollar” built to mirror the price of the US dollar. Ethena has attracted more than $2 billion in deposits, but it uses a controversial method to maintain USDe’s “peg” to one dollar that has not been tested in such adverse market conditions.
The immediate cause of Saturday’s market decline was unclear, although former BitMEX CEO Arthur Hayes wrote in a blog post last week that dollar liquidity would decline just before the expiration of the taxes in the United States, April 15 – next Monday. Less liquidity would lead to lower prices, he said.
Crypto market prices began to recover after account warning of a “considerably more serious” attack if the Israeli regime makes another mistake.”
News Source : www.coindesk.com
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