Bitcoin’s Plummet Sparks Surprise
What’s the Latest in the Crypto Sphere?
Bitcoin attempted to breach the crucial $70,000 support level last night, but encountered significant resistance, thwarting its breakthrough. In a span of just an hour, Bitcoin’s value plummeted by over $2,000. Altcoins also felt the heat, leading to an $80 billion drop in the overall cryptocurrency market value. For the latest tech news, visit NEWSLINKER.
Bitcoin’s Dive Stuns
The total worth of liquidated positions in the futures market surged to around $170 million daily. Analysts noted that Bitcoin’s price action was lackluster over the weekend, but things took a positive turn on June 10. The asset aimed to hit $70,000, facing psychological barriers, and saw gains in the afternoon.
Despite briefly crossing this threshold, bears swiftly put a stop to the ascent, resulting in a sharp decline. Bitcoin swiftly shed over $2,000 in value within an hour, hitting its lowest point since June 3 at $67,500, with the market cap standing at $1.335 trillion, as per data from CoinGecko.
What’s the Buzz in the Crypto Space?
Altcoin projects bore the brunt of the ongoing turmoil. Ethereum witnessed a 3.5% drop to $3,560, with other popular projects like SOL, DOGE, TON, SHIB, and LINK following suit.
Binance Coin, which had a stellar performance last week, tumbled by over 7% in the past 24 hours, falling below $620.
Recent favorites such as NOT (-19%), W (-15%), JSMY (-11%), and BRETT (-10%) also experienced significant declines. Liquidated positions in the futures market hit a daily total of $170 million, causing substantial losses for over 75,000 investors within the same timeframe.
Interestingly, Ethereum accounted for the lion’s share of liquidations, including its own. The liquidation value surpassed $6.5 million, primarily through Binance.
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Disclaimer: The information provided in this article is not financial advice. Investors should exercise caution due to the high volatility associated with cryptocurrencies and conduct thorough research before making any investment decisions.
