Solana

Flash

Dogecoin

Million

Rewards

<p><span style="font-weight: 400;">The crypto market cap plummeted over 4% in the past 24 hours in a flash crash that saw </span><a href="https://coinmarketcap.com/currencies/bitcoin/" rel="noopener noreferrer nofollow"><span style="font-weight: 400;">Bitcoin</span></a><span style="font-weight: 400;"> (BTC) plunge below $67K and the top 10 cryptos all suffer substantial losses.</span></p>
<p><span style="font-weight: 400;">BTC saw its price fall more than 4%, while altcoin leader Ethereum (ETH) shed more than 5% of its value over the past day of trading. </span></p>
<p><a href="https://insidebitcoins.com/news/dogecoin-price-prediction-doge-surges-5-as-this-doge20-ico-offers-last-chance-to-buy-before-listing-for-1000x-gains" rel="noopener noreferrer nofollow"><span style="font-weight: 400;">Dogecoin</span></a><span style="font-weight: 400;"> (DOGE) was the biggest loser among top cryptos by market capitalization with a 9% plunge, trailed closely by Avalanche (AVAX) with more than 8%. <img decoding="async" src="https://bs-uploads.toptal.io/blackfish-uploads/components/blog_post_page/content/cover_image_file/cover_image/1303387/regular_1708x683_Untitled-e7fde53f1e5631a8728cc9aefc1538e8.png" alt="Exploring the Post-crash Cryptocurrency Market | Toptal®"></span></p>
<h2 id="span-style-font-weight-400-crypto-flash-crash-ignited-by-long-term-holders-span"><span style="font-weight: 400;">Crypto Flash Crash Ignited By Long-Term Holders</span></h2>
<p><span style="font-weight: 400;">The selloff also brought an end to the positive streak for </span><a href="https://insidebitcoins.com/news/fastest-growing-solana-based-meme-coin-presale-hits-3-7-million-can-this-new-meme-coin-turn-1k-into-100k" rel="noopener noreferrer nofollow"><span style="font-weight: 400;">Solana</span></a><span style="font-weight: 400;"> (SOL), which plunged 7% to trade at $182.37 as of 5:50 a.m. EST.</span></p>
<p><span style="font-weight: 400;"> Meanwhile, Binance Coin (BNB) and XRP both tumbled more than 3%, while Cardano (ADA) dropped 6%.&nbsp;</span></p>
<p><span style="font-weight: 400;">Crypto exchange Bitfinex attributed the drop to long-term holders (LTHs) taking profits after Bitcoin hit new all-time highs. It added that this selling is on a smaller scale than during previous bull market peaks.</span></p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <p lang="en" dir="ltr">Despite selling pressure from LTHs, analysis using UTXO Age Bands indicates buying activity. This serves as a support level, driven by new investors joining and existing investors increasing their positions, showing belief that the market can go higher 📈<a href="https://t.co/LJrGTOQ6Y1" rel="noopener noreferrer nofollow">https://t.co/LJrGTOQ6Y1</a></p>
 <p>— Bitfinex (@bitfinex) <a href="https://twitter.com/bitfinex/status/1774816219184365988?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">April 1, 2024</a></p>
</blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<p><span style="font-weight: 400;">Bitfinex analysts estimate that more than $2.6 billion in profit was captured through on-chain transactions in the past three weeks. About 40% of this profit-taking is linked to the LTH group, the exchange said in a blog post.&nbsp;</span></p>
<h2 id="span-style-font-weight-400-us-dollar-rises-off-the-back-of-positive-fundamentals-span"><span style="font-weight: 400;">US Dollar Rises Off The Back Of Positive Fundamentals</span></h2>
<p><span style="font-weight: 400;">The strength of the US Dollar also played a role in the crypto market’s flash crash after data showed the US manufacturing sector grew in March for the first time since September 2022, according to a Reuters </span><a href="https://www.reuters.com/markets/currencies/dollar-steady-pce-data-sets-up-june-rate-cut-bets-yen-focus-2024-04-01/" rel="noopener noreferrer nofollow"><span style="font-weight: 400;">report</span></a><span style="font-weight: 400;">.&nbsp;</span></p>
<p><span style="font-weight: 400;">Robust consumer spending and stabilizing inflation suggest a potential recovery for several sectors is on the cards, Bitfinex said.</span></p>
<p><img decoding="async" src="https://s3.tradingview.com/snapshots/n/niubbNNw.png" alt="TVC:DXY Chart Image by StevenWalgenbach"></p>
<p><span style="font-weight: 400;">Dollar Index Chart (Source: </span><a href="https://www.tradingview.com/x/niubbNNw/" rel="noopener noreferrer nofollow"><span style="font-weight: 400;">TradingView</span></a><span style="font-weight: 400;">)</span></p>
<p>Despite the selloff, crypto presales continue to soar. Even though Dogecoin (DOGE) slumped, Dogecoin20 has extended its presale after overwhelming demand powered it past $10 million.</p>
<p>And new Solana meme coin Slothana (<a href="https://insidebitcoins.com/visit/slothana" rel="noopener noreferrer nofollow">$SLOTH</a>) has raised $5.8M in a little more than a week.</p>
<p>SLOTH is following in the footsteps of $SLERF, $BOME, $PUMP, and $PUNDU, meme coins that introduced a new way of launching on Solana that skips traditional price stages and timers for presales where people send $SOL to a token address.</p>
<h3 id="span-style-font-weight-400-related-articles-span"><span style="font-weight: 400;">Related Articles:</span></h3>
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 <li style="font-weight: 400;"><a href="https://www.linkedin.com/pulse/crypto-presales-worth-pros-cons-you-need-know-calsona-5aeye" rel="noopener noreferrer nofollow"><span style="font-weight: 400;">Are Crypto Presales Worth It? The Pros and Cons You Need to Know!</span></a></li>
 <li style="font-weight: 400;"><a href="https://insidebitcoins.com/news/ftx-founder-sam-bankman-fried-expresses-remorse-after-receiving-25-year-prison-sentence" rel="noopener noreferrer nofollow"><span style="font-weight: 400;">FTX Founder Sam Bankman-Fried Expresses Remorse After Receiving 25-Year Prison Sentence</span></a></li>
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Cryptocurrency Flash Crash Slices 4% Off Crypto Market Cap As Bitcoin, Solana, Dogecoin Plunge

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Inside Bitcoins

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