Bitcoin Drops to $25,000 as Other Digital Assets Follow Suit
Bitcoin experienced a slide down to $25,000 on Monday, breaking its period of flat trading at around $25,800 over the weekend. This drop also affected other digital assets, with XRP seeing a 6% decrease, bringing its price down to $0.47.
Bitcoin’s Lowest Price Level Since Mid-June
This recent decline marks the lowest price level for Bitcoin since mid-June. During that time, the asset faced challenges due to U.S. government lawsuits against Coinbase and Binance, two of the largest crypto exchanges. Bitcoin did manage to rally after BlackRock filed for a Bitcoin spot ETF and when Grayscale won its lawsuit against the SEC in August. However, the excitement surrounding these events seems to have faded.
XRP Loses Gains Made Since SEC Ruling
Similarly, XRP has lost all the gains it made since Ripple’s victory against the SEC in court. Currently, XRP is trading at the same price it had on July 12, a day before the ruling.
Liquidations and Price Drops
CoinGlass reports that over $150 million in crypto trades have been liquidated in the past 24 hours, involving more than 41,000 traders. The largest single liquidation occurred in a BTC/USD trade, totaling $8.96 million. Additionally, Telegram’s Toncoin (TON) experienced a 6.5% slide, reaching its lowest price since last month at $1.63.
Hot Take: Bitcoin and Other Digital Assets Face Significant Drops
The recent drop in Bitcoin’s price, along with the decline in other digital assets like XRP and Telegram’s Toncoin, indicates a significant downturn in the crypto market. Despite previous rallies and legal victories, the enthusiasm seems to have waned, leading to a negative impact on prices. It remains to be seen how these assets will recover and whether they can regain their previous levels of success.
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