All major cryptocurrencies such as bitcoin, ether, ripple and cardano fell significantly on Tuesday across the board. In past one day, bitcoin (BTC) fell 5 percent to hover around $40,171 in the global crypto exchanges, and Ethereum (ETH) fell 4.74 percent to trade around $3,025, as per CoinDesk data. Bitcoin fell below $40,000 briefly on Tuesday for the first time in a month.
At the same time, ripple (XRP) fell by over 5 percent to trade around $0.7058, terra (LUNA) declined by 4 percent to trade around $85, Solana (SOL) fell 7 percent to trade at $103 and Cardano (ADA) declined 5.86 percent to trade around $0.956 in early morning trade in the global markets.
Also, Avalanche (AVAX) also traded 3 percent lower at $77.72 and Polkadot (DOT) fell 5.28 percent to $17.85.
Dogecoin (DOGE) also fell 4.31 percent to $0.1397 and polygon (MATIC) fell 2.83 percent to trade around $1.38.
The drop in crypto markets followed the recession fears in the U.S. after hawkish comments by the US Fed last week, which led to a slide in global markets.
Futures traders betting on the continued recovery of crypto prices lost money after bitcoin (BTC) price slipped to below $40,000 in the past 24 hours. Crypto traders racked up over $430 million in losses to liquidations, according to Coinglass data. Traders of bitcoin futures lost $156 million, and of ether futures lost $102.85 million.
Crypto exchange OKX took $149 million in liquidations, which was the largest among all crypto exchanges. Nearly $143 million stemmed from long positions.
In past seven days, bitcoin fell 13.65 percent, ether is down by 13.95 percent, BNB down by 10.39 percent, ripple fell by 14.59 percent, solana fell by 21.92 percent, cardano declined by 20.75 percent and terra is down by 26.30 percent and avalanche is down by 18.65 percent, as per CoinMarketCap data.
In past one week ending April 11, bitcoin fell from $45,555 on April 5 to $39,521 on April 11, reporting a fall of 13.2 percent, according to CoinMarketCap data.
Similarly, ether also fell from 3,411 on April 5 to 2,981 on April 11, registering a fall of 12.6 percent.