Attention Crypto Enthusiasts: Bitcoin Plunges to $57,000 as Market Bleeds
Recently, the crypto market witnessed a significant downturn, with bitcoin dropping to just over $57,000. Altcoins suffered even more severe losses. The liquidated positions and number of traders affected skyrocketed, painting a grim picture for investors.
The Weekend Plunge: What Happened?
Here’s a breakdown of the recent events that led to the market crash:
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On Friday, a weak US jobs report sparked a chain reaction, causing both Wall Street and the crypto market to plummet. Bitcoin’s price fell from $66,000 to $62,200.
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Saturday witnessed another downward trend, with BTC slipping to just under $60,000, hitting a three-week low.
- Sunday saw further declines, although Bitcoin managed to recover slightly, hovering around $62,000 in the afternoon.
Bitcoin Hits a New Low
Unfortunately, a bearish momentum took over the market, pushing Bitcoin to a new low of $57,200 on Bitstamp. This marks the lowest price point in over three weeks for the flagship cryptocurrency.
Altcoins Aren’t Spared
Altcoins also took a hit, with major cryptocurrencies like ETH, BNB, and SOL witnessing significant losses:
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ETH plummeted to $2,700.
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BNB dropped below $500.
- SOL slumped to $135.
Liquidations Reach Record Highs
The market turmoil led to a surge in liquidated positions, totaling up to $350 million on a daily basis. More than 112,000 traders were affected, with the largest liquidated position amounting to $27 million on Huobi.
Hot Take: The Future of the Crypto Market
As the market continues to navigate through these turbulent times, investors are advised to stay cautious and monitor the situation closely. Keep an eye on the latest developments and market trends to make informed decisions in this volatile environment.
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