As a seasoned crypto investor with a few years of experience under my belt, I’ve seen my fair share of market fluctuations. However, this latest downturn has left me feeling uneasy. The sudden plunge in bitcoin’s price from over $64,000 to under $62,500 in just a matter of hours is disconcerting. The altcoins are faring even worse, with many meme coins experiencing double-digit percentage drops in value.
As a market analyst, I’ve noticed that this Monday hasn’t gotten off to a good start for bitcoin and the larger crypto market. Bitcoin, which had soared above $64,000, took a nosedive and plunged to a new low for the past few weeks, settling below $62,500.
While the daily liquidations remain modest at approximately $130 million, the number of traders who have incurred losses has surpassed 60,000.
Last week proved challenging for bitcoin as significant withdrawals occurred from spot Bitcoin Exchange-Traded Funds (ETFs). The peak price for the cryptocurrency was reached on Tuesday, surpassing $67,000 momentarily. However, bears took over and initiated a downward trend.
As a crypto investor, I experienced a significant downturn on Friday when the Bitcoin price plunged to around $63,500. However, the market took a breather during the weekend, with Bitcoin stabilizing slightly above $64,000.
The Asian trading market saw a significant drop in Bitcoin’s value during the early hours of Monday morning. Within just a few hours, the price of BTC dipped by approximately $2,000 and fell below the $62,500 mark for the first time since May 15th.
As a crypto investor, I’ve noticed that although bitcoin has regained some value since then, it’s currently trading about 3% lower than today’s opening price and around 6% less than it was a week ago.
As a crypto investor, I’ve noticed that the altcoin market is facing some rough waters, particularly those representing the meme coin sector. In just the past day, FLOKI has taken a hit of over 12%, WIF followed closely with a drop of 12%, BRETT suffered an 11.6% loss, and PEPE experienced a decline of 11.3%. The meme coin named BONK wasn’t far behind with a 10% reduction in value.
Approximately $60 billion has been wiped off the cryptocurrency market’s total worth, with major altcoins such as Ethereum (ETH), Binance Coin (BNB), Dogecoin (DOGE), TON, and Cardano (ADA) experiencing a approximately 4% decrease in value.
The data from CoinGlass indicates that liquidations amounting to $135 million have occurred daily, a figure that seems modest given the market’s volatility. Simultaneously, approximately 64,463 traders have experienced losses over this period.
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2024-06-24 08:48