- The crypto market is experiencing a downturn, reports from Colin Wu suggest.
- Ethereum showed a decline of over 4% at press time.
- Total market liquidation has surged to $283 million, as per data from CoinGlass.
Reports from a Chinese crypto reporter, Colin Wu, suggest that the crypto market has plunged “sharply” in the past hour. This was indicated by Ethereum falling by more than 4%.
In addition to the Ethereum price drop of 4.9% at press time, several other major cryptocurrencies have reportedly taken a plunge. This includes Flow (FLOW), Cronos (CRO), Tezos (XTZ), Neo (NEO), Toncoin (TON), Kava (KAVA), and Pyth Network (PYTH). CRO seemingly saw a 24-hour decline of 9.8%, while FLO and NEO dropped by 10.8% and 10.1%, respectively.
Meanwhile, FLOW’s token unlock is due in four days, which gives it time to reverse price declines. The unlock amid this supposed downturn could add anticipation, which could lead to higher prices in the days to come. Additionally, the FLOW team recently introduced the Flow Zealy dashboard which is a platform where users create tasks and challenges for the community, earning XP points redeemable for prizes. However, prices have seemingly declined nevertheless.
In another development, total liquidation exceeded $283 million, as per data from CoinGlass. This surge in liquidation reflects heightened trading activity, with a significant volume of assets being sold. This could be attributed to the decline in prices of various cryptocurrencies.
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