Bitcoin’s Plummet Sparks Surprise
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Last night, Bitcoin made an attempt to breach the crucial $70,000 support level, only to be met with strong resistance that prevented a breakthrough. In a matter of hours, Bitcoin’s price retraced by over $2,000, causing a sell-off in altcoins and resulting in an $80 billion decline in the overall crypto market value. Stay updated with the latest tech news by visiting NEWSLINKER.
Bitcoin’s Plummet Sparks Surprise
The total value of positions liquidated in the futures market surged to around $170 million on a daily basis. Analysts noted that Bitcoin’s price action was uneventful over the weekend, but things took a positive turn on June 10. The digital asset attempted to reach $70,000, encountering psychological barriers, and saw further gains in the afternoon.
Despite briefly surpassing the milestone, bears quickly intervened, preventing a clear breakout. Instead, Bitcoin swiftly lost value, dropping by more than $2,000 in just an hour. This pushed the price down to its lowest point since June 3, hitting $67,500, and the market cap dwindled to $1.335 trillion, according to data from CoinGecko.
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Altcoin projects also bore the brunt of the market turbulence. Ethereum, for instance, saw a 3.5% decline, dropping to $3,560, while other popular projects like SOL, DOGE, TON, SHIB, and LINK experienced similar losses.
Binance Coin, which had a strong showing the previous week, tumbled by over 7% in the past 24 hours, slipping below $620. Recent trendy projects like NOT (-19%), W (-15%), JSMY (-11%), and BRETT (-10%) also faced substantial setbacks during this period. Liquidated positions in the futures market hit a daily total of up to $170 million, causing over 75,000 investors to incur significant losses within the same timeframe.
Interestingly, Ethereum accounted for the largest portion of liquidation, surpassing $6.5 million, with most of the liquidations happening on Binance.
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Disclaimer: The information provided in this article should not be construed as investment advice. Investors should be aware of the high volatility and risks associated with cryptocurrencies and conduct thorough research before making any investment decisions.