As a researcher with extensive experience in the cryptocurrency market, I’m deeply concerned about the latest turn of events that began on Monday, which I refer to as the “Monday massacre.” The plunge of Bitcoin (BTC) below $60,000 for the first time since early May is a significant development that cannot be ignored.
As a researcher studying the crypto market, I’ve observed that the downturn on Mondays, often referred to as the “Monday massacre,” persisted this week. For the first time in approximately two months, Bitcoin dipped below the $60,000 threshold.
Several altcoins are experiencing significant losses, with some dropping by double digits, while others have declined by 5-10%.
I recently came across an article on CryptoPotato where they reported the rough start to the trading week for bitcoin and other cryptocurrencies.
In the past, the most valuable digital asset experienced a significant decline, dropping more than $2,000 in just a few hours and reaching a 6-week low of $62,100.
I watched in disbelief as the cryptocurrency market took a turn for the worse in the hours that followed. The value of my digital assets tumbled, and for the first time since May, Bitcoin dipped below the $60,000 mark.
I’ve noticed that Bitcoin has recovered slightly from its recent dip, currently hovering above the $60,000 mark. However, its market capitalization has dipped below the $1.2 trillion threshold. This downturn can be attributed to a 6% decrease in Bitcoin’s value over the past day and an even steeper 8% drop on a weekly basis.
Among the major cryptocurrencies outside Bitcoin, the coins that suffered the most significant losses include Gnosis (GNO, down 11%), Brettcoin (BRETT, down 11%), Uniswap (UNI, down 9.5%), Bitcoin Cash (BCH, down 8%), and Maker (MRK, down 8%).
On a daily basis, the combined worth of liquidated positions surpasses $320 million. Over the same period, over 85,000 traders suffered significant losses.
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2024-06-24 20:14