Attention Crypto Enthusiasts: Bitcoin Plummets to New Monthly Low
As a crypto enthusiast, you were in for a wild ride on Monday as Bitcoin experienced significant volatility, dropping to a new monthly low of $64,000. The altcoin market followed suit, with several coins facing massive declines, resulting in over 190,000 traders facing substantial losses in a single day.
Bitcoin’s Rollercoaster Ride
- Bitcoin had a relatively quiet weekend, hovering around $66,000.
- On Monday, the cryptocurrency initially showed some promise, reaching a local peak of just over $67,200.
- However, bears quickly took control, leading to a sharp price drop.
- In a matter of minutes, Bitcoin plunged by over $3,000, hitting its lowest point since May 15 at $64,000.
- The digital asset managed to bounce back slightly, currently sitting close to $66,000.
Altcoins Follow Bitcoin’s Lead
- Altcoins also experienced significant price fluctuations, with coins like SHIB and DOGE still down by around 10%.
- Other major altcoins such as SOL, AVAX, LINK, ADA, and DOT saw losses ranging from 7-9%.
- ETH plummeted to $3,450 after briefly dropping to $3,330.
- Other altcoins like NEAR, UNI, MATIC, WIF, FIL, and FET also faced considerable losses.
Impact on Traders
- The extreme volatility witnessed in the market has led to over 190,000 traders being liquidated in a single day.
- The total value of these liquidated positions surpassed $480 million within the same timeframe.
- The largest liquidated order, amounting to $6.44 million, occurred on Binance and involved the ETH/USDC trading pair.
Hot Take: Stay Cautious in Volatile Markets
As a crypto investor, it is crucial to remain vigilant during times of extreme market volatility. Always ensure you have a solid risk management strategy in place to protect your investments, especially in turbulent times like these. Stay informed, stay cautious, and navigate the crypto market with wisdom.
Sources:
– CoinGlass – Liquidation Data
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