Crypto market sheds $30B fast
- Bitcoin slid below $77,000 on April 28 as a broader crypto sell-off hit risk assets ahead of the Federal Reserve’s April 29 decision. - CoinMarketCap showed Bitcoin near $76,933, Ethereum at $2,291, Solana at $84 and BNB at $624, with total crypto market value around $2.57 trillion. - Traders tied the move to Fed uncertainty and Iran-linked risk sentiment after weeks of Bitcoin ETF inflows. (coinmarketcap.com)
Bitcoin fell back below $77,000 on Tuesday, April 28, as traders sold crypto alongside other risk assets before the Federal Reserve’s Wednesday decision. (fool.com) (nytimes.com) By late April 28, CoinMarketCap listed Bitcoin at about $76,933, Ethereum at $2,290.81, Solana at $84.00 and BNB at $624.57. It showed the total crypto market at roughly $2.57 trillion. (coinmarketcap.com) The pullback followed a rally that had briefly pushed Bitcoin toward the upper-$77,000 range, but the market lost momentum as oil rose and U.S.-Iran tensions darkened the mood. The Motley Fool reported Bitcoin at $76,978.87 and Ethereum at $2,290.06 around 5 p.m. Eastern on April 27. (fool.com) (msn.com) A liquidation is a forced closeout of a leveraged trade after prices move too far against it. In crypto, that can turn a routine drop into a fast cascade because exchanges automatically dump positions into a falling market. (coinglass.com) That mechanism was visible again this week. Reports citing CoinGlass data said total crypto liquidations reached about $325 million over 24 hours on April 28, with roughly $257 million of that from long positions betting prices would rise. (techflowpost.com) (coingabbar.com) The macro backdrop was crowded. The Federal Reserve began its two-day meeting on April 28, and major outlets said policymakers were widely expected to hold rates steady on April 29, leaving traders focused on Jerome Powell’s tone. (nytimes.com) (finance.yahoo.com) Crypto also came into the week with a stronger institutional bid than it had earlier this year. Several trackers reported fresh spot Bitcoin exchange-traded fund inflows in late April after months of earlier outflows, which helped explain why traders were watching whether this dip would hold. (cryptopolitan.com) (247wallst.com) That left the market in a familiar position by Tuesday night: solid ETF demand underneath, but leverage and macro headlines still driving the short-term tape. Bitcoin stayed under $77,000, and the rest of the market traded as if the next move depended less on crypto news than on Washington and the Gulf. (coinmarketcap.com) (fool.com)
