Bitcoin and Crypto Market See Sudden Drop📉
Monday has started on a negative note for bitcoin and the entire crypto market as the primary digital asset saw a sudden decline from over $64,000 to a new multi-week low of under $62,500. Although liquidations on a daily scale remain relatively low at just over $130 million, the total number of traders liquidated has surged to more than 60,000. Last week, bitcoin faced challenges due to massive outflows from spot ETFs, reaching a weekly high that briefly exceeded $67,000 on Tuesday before bears took control and pushed the price downward. This led to a drop to $63,500 by Friday, with a calmer weekend seeing BTC stabilize at just over $64,000. However, the Asian trading session on Monday began with another significant decline, with BTC losing about two thousand dollars and falling below $62,500 for the first time since May 15. Despite a slight recovery, bitcoin still trades nearly 3% down on the day and 6% down for the week.
The Altcoins Situation
Altcoins are in an even more precarious state, particularly meme coins like FLOKI, which saw a decrease of over 12% in the past day. Other meme coins such as WIF, BRETT, PEPE, and BONK also experienced double-digit losses ranging from 10% to 12%. The total crypto market cap has dropped by over $60 billion, with larger-cap altcoins like ETH, BNB, DOGE, TON, and ADA losing approximately 4% of their value.
- The meme coin FLOKI dropped by over 12%
- WIF, BRETT, PEPE, and BONK all saw losses ranging from 10% to 12%
- Larger-cap alts like ETH, BNB, DOGE, TON, and ADA lost around 4% of their value
Daily Liquidations Update
CoinGlass data reveals that daily liquidations currently amount to $135 million, a relatively low figure given the market volatility. Within the same timeframe, 64,463 traders have been liquidated, indicating the significant impact of the recent downward trend on market participants.
Bitcoin Struggles to Maintain Position
Bitcoin’s rapid decline from over $64,000 to below $62,500 has raised concerns within the crypto market. Although the total liquidations for the day are not alarmingly high, the number of traders impacted reflects the overall bearish sentiment prevailing in the market. The altcoins, especially meme coins, have experienced even steeper losses, contributing to the significant drop in the crypto market cap. While bitcoin has shown some signs of recovery, its current position is still precarious, with traders closely monitoring the price movements for potential opportunities.
Impact on Market Participants📉
The recent price decline in bitcoin and altcoins has had a notable impact on traders and investors, with many facing liquidation and significant losses. The overall sentiment in the market has turned bearish, reflected in the steep drop in prices and market capitalization. Traders are advised to exercise caution and closely monitor the market trends to make informed decisions amidst the current volatility.
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