Crypto Market Plummets with Over $250 Million in Liquidations

Bitcoin and Ethereum experienced a significant drop in price, with Bitcoin reaching new weekly lows of $29,158 and Ethereum breaking below its $2,000 psychological level. The total market capitalization of all cryptocurrencies fell by 3.7% over the last 24 hours to $1.27 trillion. The drop caused a total of $250 million in liquidations across the entire crypto market over the past 24 hours, with the majority of the orders being long. The decline in gold prices around the same period suggests that the declines can be correlated, possibly due to the U.S. Federal Reserve leaning toward another 25 basis point hike in its upcoming May policy rate meeting.