Markets
BTC plunges below $70,000, the market faces liquidations of $200 million
In a shocking turn of events, Bitcoin plunged below the $70,000 mark, causing widespread turmoil in the cryptocurrency market. According to the latest reports, Bitcoin is trading at around $68,500. This sharp decline caught many investors and traders by surprise, leading to a cascade of sell-offs and liquidations.
With that, liquidations approached $200 million across major cryptocurrency exchanges, marking one of the most volatile periods for Bitcoin in recent months.
24-hour BTC/USD price chart (Source: CoinMarketCap)
The unexpected shift affected not only Bitcoin but also a wide range of major altcoins, amplifying market volatility. In a matter of hours, major cryptocurrencies recorded substantial losses.
Binance Coin fell 3%, DOGE fell more than 8.7%, Ethereum fell 3%, XRP fell about 4%, and Solana fell about 5.85%.
This decline occurred in the context of what many market observers had optimistically identified as a new bull run. As a result, the rapid recession led to significant liquidations, particularly of long leveraged positions.
Sources like Coinglass reported these liquidations worth nearly $200 million as traders were caught off guard by the rapid price changes.
Overall, the cryptocurrency market’s recent performance highlights the inherent unpredictability and often volatile nature of this digital asset space.
Read also: Bitcoin bull market to top in Q4 2024, Bitfinex analysts say