As a seasoned crypto investor with battle-scarred eyes from countless market swings, I must admit that this recent pullback is reminiscent of a rollercoaster ride at an amusement park – exhilarating one moment and stomach-churning the next. The $62,000 dip in Bitcoin, though painful, is nothing new to me; it’s just another day in crypto-land.
Today, the cryptocurrency market shows signs of instability, as the struggle between investors buying and those selling increases. Yesterday’s rise has led most digital currencies to trade at lower prices now, correcting their values and wiping out any recent advancements.
This situation has led to a surge in the termination of derivative contracts, amounting to approximately $230 million at present, along with a deteriorating market outlook.
The move comes after the U.S. Bankruptcy Court for the District of Delaware gave its approval to FTX’s restructuring plan. This plan estimates that creditors will recover between $14.7 and $16.5 billion worth of assets.
Bitcoin Price Crashes to $62,000
Over the last day, Bitcoin’s value has seen dramatic ups and downs. Yesterday, it peaked at an impressive $64,400, but swiftly, the market pessimists stepped in.
In just a short while, they successfully drove the value down to $62,000 for the asset. Currently, BTC is being traded at $62,300. It’s worth observing whether this support level will remain or if sellers will aim for the crucial $60,000 threshold next.
Approximately 60 million dollars’ worth of Bitcoin derivative positions were terminated over the last day. Around 40 million dollars of those were held by long-term traders, a situation that’s not entirely surprising considering the recent drop in price.
Regardless of yesterday’s market dip, overall feelings about it have mostly stayed consistent.
Altcoins Tumble, Meme Coins Nosedive
The majority of alternative cryptocurrencies, save for a handful, are showing losses, but these declines are generally minimal. To give you an idea, coins like Ethereum (ETH), Binance Coin (BNB), Ripple (XRP), Bitcoin Cash (BCH), and others from the large-cap category, have decreased by approximately 1 to 2%.
Meme coins, however, are giving back most of the gains they achieved yesterday to the market.
Yesterday’s top-performing crypto, POPCAT, has taken a 17.5% hit today. Similarly, PEPE, BONK, and WIF have seen a decrease of approximately 8-10%. These were among the worst performers in the past 24 hours within the cryptocurrency market.
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2024-10-08 11:52