Bitcoin experienced a sharp decline, dropping over $3,500 to around $63,300. This significant drop has resulted in nearly $230 million in liquidations within the past 24 hours.
Bitcoin’s Sharp Decline
Bitcoin started the week on a positive note, reaching a high of $70,000. However, it faced a swift rejection and dropped below $65,500. Although it briefly recovered to $66,800, the bears regained control, pushing it down to a two-week low of $63,300 on Bitstamp. Currently, Bitcoin is trading near $64,000, marking a significant drop of over $6,000 from its earlier peak this week and a 2.5% decline in the last 24 hours.
Impact on Altcoins
Bitcoin’s sharp decline has also impacted the altcoin market, with several cryptocurrencies experiencing significant losses. The worst performers include:
- WIF: down 11%
- RUNE: down 7.5%
- MNT: down 7.3%
- BONK: down 7%
- ENS: down 7%
Larger-cap altcoins are also facing declines:
- SOL: down 6%
- XRP: down 5%
- ADA: down 4%
- ETH: down 3.5%
- DOGE: down 3.5%
Liquidations Surge
According to CoinGlass, nearly 70,000 traders have been liquidated over the past day due to increased market volatility. Interestingly, more Ethereum positions have been liquidated than Bitcoin, with $62 million in ETH positions liquidated compared to $61.5 million in BTC positions. In total, the value of liquidated positions has reached $227 million.
Market Outlook
This recent downturn underscores the volatility of the cryptocurrency market. While Bitcoin and other digital assets can experience rapid gains, they are equally prone to swift corrections. As the market continues to evolve, it is crucial for investors to stay informed and exercise caution to navigate these turbulent times effectively.
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