As a researcher with extensive experience in the cryptocurrency market, I’ve witnessed many ups and downs over the years. The sudden drop in prices within the past hour has left me feeling a sense of familiar unease. Bitcoin, once trading above $70K, has now taken a sharp turn below this level. This move came as a surprise to many, who had previously anticipated a renewal of the bull run.
In the last hour, there’s been a significant reversal in the cryptocurrency market. The value of most coins has plummeted noticeably. Currently, Bitcoin is priced below $70,000, and the market is witnessing nearly $200 million in liquidated positions.
- BTC took a sudden hit as its price plummeted below $70K following what many considered a renewal of the bull run.
- As seen in the chart above, the move was relatively sudden, completing a decline of around 2.5% in the past few hours.
The drop is not specific to Bitcoin, as virtually all of the leading altcoins are also crashing.
Binance Coin is down 3% over the past hour alone, while DOGE dropped by more than 6%.
Ethereum lost 3% as well, XRP – around 4$, Solana – about 3.6%, and so forth.
This also resulted in considerable liquidations across leveraged long positions, which currently amount close to $200 million, according to data from Coinglass.
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2024-06-07 21:18