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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%.
The crypto market has fallen sharply in the past hour, with ETH falling by more than 4%, and 24-hour declines such as FLOW CRO APETHETA XTZ NEO TON KAVA PYTH all falling by more than 10%. In the last hour, the total liquidation exceeded $283m, and the liquidation of long orders…
— Wu Blockchain (@WuBlockchain) December 11, 2023
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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