As a seasoned crypto investor with several years of experience under my belt, I’ve seen my fair share of market volatility. But today’s price action has left me feeling a bit uneasy. Bitcoin’s failure to hold the $70,000 level was a bitter pill to swallow, especially after its promising start to the week. The altcoins’ subsequent red wave only added fuel to the fire, with billions of dollars in market value evaporating in a matter of hours.
Last night, I witnessed a significant attempt from Bitcoin‘s price to breach the prestigious $70,000 mark. However, this effort was met with fierce resistance, causing the price to plummet approximately $2,000 within an hour.
The value of alternative cryptocurrencies has plummeted, causing a loss of approximately $80 billion to the overall crypto market capitalization. Concurrently, around $170 million worth of positions have been liquidated each day.
Yesterday, CryptoPotato noted that Bitcoin’s price behavior over the weekend was uneventful. However, Monday saw a more optimistic start. The bullish sentiment intensified in the afternoon when Bitcoin made an attempt to break through the significant resistance level of $70,000.
Although the bears momentarily reached their target, they swiftly countered and prevented a clear triumph. However, Bitcoin took a turn for the worse right away, plummeting by more than $2000 in just an hour.
Reaching a new low, the price dipped down to $67,500 – the smallest figure since June 3. Concurrently, its market capitalization slumped to a staggering $1.335 trillion on CoinGecko.
As a crypto investor, I’ve noticed a significant downturn in the alternative coin market today. Ethereum, for instance, has taken a hit with a 3.5% loss, bringing its price down to $3.560. Similar trends are apparent in other coins like Solana (SOL), Dogecoin (DOGE), Theta Network (TON), Shiba Inu (SHIB), and Chainlink (LINK).
Last week’s top-performing cryptocurrency, Binance Coin, experienced a significant decline of over 7% within the last day. Consequently, its value has dropped below the $620 mark.
Further disappointing drops are seen in companies such as Not (-19%), W (-15%), Jasmy (-11%), and Brett (-10%), among others.
As a crypto investor, I’ve noticed that over $120 million in liquidated positions have occurred within the last 12 hours, with an even greater $170 million on a daily scale. Sadly, more than 75,000 traders have experienced significant losses during this timeframe.
It’s intriguing to note that Ethereum (ETH) holds the largest share in a recent significant event, with over $6.5 million worth of ether being the single-largest liquidated position. This incident unfolded on the Binance platform.
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2024-06-11 08:50