In a shocking turn of events, Bitcoin has plunged below the $70,000 mark, causing widespread turmoil in the cryptocurrency market. As of the latest reports, Bitcoin is trading at around $68,500. This sharp drop has caught many investors and traders off guard, leading to a cascade of sell-offs and liquidations.
With this, liquidations have come close to $200 million across major cryptocurrency exchanges, marking one of the most volatile periods for Bitcoin in recent months.
The unexpected shift affected not only Bitcoin but also a wide array of major altcoins, amplifying the market’s volatility. Within just a few hours, leading cryptocurrencies recorded substantial losses.
Binance Coin fell by 3%, DOGE plunged over 8.7%, Ethereum dropped 3%, XRP declined around 4%, and Solana decreased by approximately 5.85%.
This decline came amidst what many market observers had optimistically identified as a new bull run. Consequently, the swift downturn has resulted in significant liquidations, particularly of leveraged long positions.
Sources like Coinglass have reported close to $200 million worth of these liquidations as traders were caught off-guard by the rapid price changes.
Overall, the cryptocurrency market’s recent performance underscores the inherent unpredictability and the often volatile nature of this digital asset space.
Also Read: Bitcoin Bull Market to Top in Q4 2024, Says Bitfinex Analysts
