In a dramatic turn of events, Bitcoin’s price has crashed to a 9-day low of just over $58,000, causing a ripple effect across the cryptocurrency market. The recent plunge has sparked a massive liquidation spree, with over $320 million in positions wiped out in the past 24 hours.
Altcoin Market in Turmoil
The downturn in Bitcoin’s value has been mirrored by severe declines across the altcoin spectrum. Ethereum (ETH), Solana (SOL), Dogecoin (DOGE), Chainlink (LINK), Avalanche (AVAX), and Shiba Inu (SHIB) are among the major cryptocurrencies that have suffered substantial losses. Ethereum, for instance, has dropped more than 8%, falling below the $2,500 mark. Other notable losers include MATIC, SUI, FET, TAO, and PEPE, which have experienced double-digit declines.
Bitcoin’s Price Rollercoaster
The turmoil began when Bitcoin, which had briefly surged past $65,000, was unable to sustain its momentum. The cryptocurrency quickly retreated to around $64,000 before experiencing a more dramatic fall. Over the past 12 hours, Bitcoin’s price plummeted to $58,100 on Bitstamp, marking its lowest level since August 19. Although the price has rebounded slightly to $59,500, Bitcoin remains down by 6% for the day, with its market capitalization shrinking from $1.240 trillion to $1.170 trillion.
Massive Liquidations and Market Impact
The sharp decline in Bitcoin’s price has led to significant liquidations in the crypto market. Nearly 90,000 traders have been affected, with total liquidations exceeding $320 million. Binance recorded the largest single liquidation, worth over $12.5 million. The overall crypto market cap has suffered a daily loss of more than $100 billion, highlighting the severe impact of this volatility on both investors and the broader market.
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