Bittime - In a dramatic turn of events, the cryptocurrency market has been rocked by a sharp drop in Bitcoin prices, leaving investors reeling from unexpected losses. After a period of unprecedented growth and record highs, Bitcoin has fallen to a weekly low of $65,000, marking a significant setback for traders and crypto enthusiasts.
Hits Weekly Low
According to the latest data from Coingecko, Bitcoin price is in the red, trading at $65,710, reflecting losses of 5.6% and 4.5% over the past 24 hours and week, respectively. This sharp drop comes just days after Bitcoin hit its previous low of $68,000, as bearish sentiment continues to dominate the market.
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The Impact of the Bitcoin Drop on Altcoins
However, it's not just Bitcoin that's feeling the pressure. Altcoins , including Ethereum (ETH) and Binance Coin (BNB) , also suffered significant losses, losing more than 10% of their value. Meme coins like Dogecoin and Shiba Inu also experienced bigger losses, with losses of 20% and nearly 30%, respectively. The altcoin market has generally mirrored Bitcoin's decline, adding to growing uncertainty among investors.
The impact of Bitcoin's price correction is also being felt across the cryptocurrency landscape, permeating market dynamics and investor sentiment. The surge in liquidations, with more than 151,000 traders facing margin calls in the last 24 hours, highlights the severity of the market unrest. Bitcoin's dominance is apparent as it accounts for the majority of total liquidations, underscoring its important role in determining overall market trends.
Consequences of Bitcoin's Decline
As a result of this drop, total market liquidations have surged to $426 million, with Bitcoin bearing the brunt of the losses. Long (buy) traders have been hit the hardest, losing $86 million compared to $18 million for short (sell) sellers. Ethereum also experienced significant liquidations, reaching $48 million, with long traders losing $33 million and short traders $15 million.
A Warning
Market analysts, including Markus Thielen, CEO of 10x Research, have issued warnings about the risk of further downside for Bitcoin. Thielen's prediction of a potential drop to $63,000 serves as a warning to investors to be careful in the current market environment. Concerns about Bitcoin's market structure, such as low trading volume and liquidity, have increased the risk of a sharp price correction, adding to uncertainty around the cryptocurrency.
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Conclusion
Amid market uncertainty, investors are evaluating their strategies and adjusting their positions accordingly. The frenzy around the meme coin seems to be subsiding, prompting investors to reconsider their investments and secure profits amidst the uncertainty. As the cryptocurrency market continues to sail through choppy waters, vigilance and adaptability will be key for investors looking to weather the storm.
How to Buy Crypto on Bittime
You can buy and sell crypto assets in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime , make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. Learn Complete Guide How to Buy Crypto on Bittime .
Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also Read:
Bitcoin Futures and Bitcoin Options: Bitcoin Financial Contracts, What's the Difference?
BTC (Bitcoin) Stuck at $63,000: Price Trend Analysis and Prediction Amid Stormy Crypto Market
Bitcoin Legality: Is Bitcoin Legal in Different Countries?
DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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