Bitcoin defends $29,000 in shock flash crash

Over the last 24 hours, the cryptocurrency market cap saw net outflows of $47.5 billion and currently stands at $1.22 trillion — down 3.7% from $1.27 trillion.

During the reporting period, Bitcoin and Ethereum’s market cap fell 2.2% and 6.3% to $566.37 billion and $235.88 billion, respectively.

The top 10 cryptocurrencies all recorded losses over the last day. Solana leads the losses, down 8.7%, followed by yesterday’s biggest top 10 gainer, Polkadot — losing 7% in value today. Meanwhile, Bitcoin fared best in percentage terms, down 2.2%.

The market cap of Tether (USDT) stayed flat at $81.09 billion. In contrast, USD Coin (USDC) and Binance USD (BUSD) fell to $31.37 billion and $6.64 billion, respectively.

Bitcoin

In the last 24 hours, Bitcoin fell 2.2% to trade at $29,234 as of 07:00 ET. Its market dominance jumped to 46.2% from 45.5%.

Bitcoin opened the reporting period with a relatively flat pattern — trading between $29,950 and $30,490. By 04:00 (ET,) a flash crash occurred, sinking the price as low as $29,050.

Ethereum

Over the last 24 hours, Ethereum (ETH) fell 6.3% to trade at $1,973 as of 07:00 ET. Its market dominance fell to 19.3% from 19.8%.

Ethereum mirrored Bitcoin’s movements, ranging between $2,065 and $2,120 before bears dipped the price significantly lower. Unlike Bitcoin — which has closed flat candle patterns since the flash crash — a downtrend is forming for ETH.

Top 5 Gainers

Locus Chain

LOCUS is the day’s biggest gainer growing 25.9% over the last 24 hours to $0.07174 as of press time. The project recently announced updates and bug fixes to its Kingdom Under Fire game. Its market cap stood at $149.29 million.

Cartesi

CTSI gained 22.1% to trade at $0.29597 at the time of writing. The Cartesi developers’ workshop took place on April 18. Its market cap stood at $206.85 million.

tomiNET

TOMI rose 10.3% to $3.16300 over the last 24 hours. The project introduced its tomi Privacy Layer in a recent tweet. Its market cap stood at $125.39 million.

Everscale

EVER is up 7% to $0.06975 as of press time. Its market cap stood at $124.9 million.

FTX Token

FTT grew 5.9% to $2.03400 during the reporting period. Tribe Capital is interested in supporting a revival of the FTX exchange. Its market cap stood at $668.97 million.

Top 5 Losers

Kaspa

KAS is the day’s biggest loser, falling 19.5% to trade at $0.02287 at the time of writing. The Tangem hardware wallet announced supporting…