Bitcoin’s price made an attempt at surpassing the $70,000 mark but was met with resistance, resulting in a significant decline of over two thousand dollars in just one hour. This sudden drop led to a loss of around $80 billion in the total cryptocurrency market cap, with liquidated positions hitting approximately $170 million on a daily basis. Despite a positive start on Monday, Bitcoin faced strong bearish pressure and dropped to its lowest level since June 3, reaching $67,500 and a market cap of $1.335 trillion.
The situation for altcoins is even more dismal, with Ethereum experiencing a 3.5% decline and falling to $3,560. Other major altcoins such as Solana, Dogecoin, TON, Shiba Inu, and Chainlink have also seen significant losses. Binance Coin, which was previously performing well, has dropped by more than 7% to under $620. Furthermore, coins like NOT (-19%), W (-15%), JASMY (-11%), and BRETT (-10%) have also suffered sharp declines.
The total value of liquidated positions has surged in the past 12 hours, with over $120 million liquidated, and a total of $170 million on a daily scale. More than 75,000 traders have been affected by these liquidations within the same timeframe. Interestingly, Ethereum has been responsible for the largest portion of liquidations, with a single big liquidated position of over $6.5 million involving ether on the Binance exchange.
Overall, the cryptocurrency market is currently facing a period of intense volatility and bearish pressure, with Bitcoin struggling to maintain its recent gains. The sharp decline in prices has led to significant losses for traders and investors, with altcoins also experiencing substantial drops in value. The liquidation of positions has added to the market turmoil, with many traders being forced to exit their positions due to the rapid price movements. It remains to be seen how the market will recover from this downturn and whether Bitcoin and other cryptocurrencies will be able to regain their previous levels of support.
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