5 reasons Bitcoin and Ethereum plummeted 15% in a single day

The price of (BTC) and Ether (ETH) fell by 15% and 20%, respectively, on April 23 as the cryptocurrency market became engulfed in a major correction.

Five factors likely caused the price of Bitcoin and to steeply drop in a single day include mass liquidation, an overheated futures market, the decline of Kimchi premium, whales selling, and Biden tax concerns.

Binance BTC futures open interest. Source: Bybt.com
South Korea premium index. Source: CryptoQuant
Whales selling their funds. Source: Material Indicators