Bitcoin Price Plummets, Losing Over $3,000 in Minutes
The price of Bitcoin has experienced a sudden and significant drop, losing over $3,000 in just a few minutes. This crash occurred after a relatively calm trading session where BTC seemed poised for consolidation.
Liquidations Reach $100 Million in One Hour
Data from Coinglass, a popular analytics resource, reveals that there have been approximately $100 million worth of long liquidations within the past hour alone. In the last 24 hours, the total number of liquidated positions is around $141 million, with the majority being longs.
Altcoins Follow Bitcoin’s Volatility
As is often the case when Bitcoin experiences heightened volatility, other cryptocurrencies also feel the impact. Earlier reports from CryptoPotato indicated that Solana and Avalanche had each retraced by about 5-6%. However, the situation has worsened significantly since then. Both assets have now plummeted by double digits to $99 and $37, respectively.
Ripple’s native token has also experienced a sharp decline, losing 11% of its value. Similar drops can be seen in Polygon, Polkadot, Shiba Inu, Litecoin, Chainlink, and Toncoin.
Ethereum has seen a daily decrease of 7.6% but remains above $2,200 at present. BNB is down to $310.
Hot Take: Market Turbulence Rocks Cryptocurrency Prices
The cryptocurrency market experienced significant turbulence as Bitcoin’s price took a sudden dive. This resulted in substantial losses for not only Bitcoin but also various altcoins. The liquidation of long positions reached approximately $100 million within just one hour. Altcoins such as Solana, Avalanche, Ripple, Polygon, Polkadot, Shiba Inu, Litecoin, Chainlink, and Toncoin all suffered significant drops in value. While Ethereum managed to stay above $2,200 despite a 7.6% decrease, BNB dropped to $310. This market volatility serves as a reminder of the unpredictable nature of cryptocurrencies and the importance of closely monitoring their movements.
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