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In the last 24 hours, SOL and DOGE lost 6%–7%, while Bitcoin and Ether fell 4%.
According to CoinGlass statistics, the move lower resulted in the greatest number of leveraged long liquidations in a week.
As cryptocurrencies fell on Tuesday, Bitcoin (BTC) gave way below $69,000, reducing confidence following Monday’s surge.
Bitcoin dropped from nearly $71,000 to as low as $68,580. According to CoinDesk data, the biggest cryptocurrency by market capitalization was recently trading at about $69,000, down roughly 4% from the previous day.
The decline was reflected in the cryptocurrency markets, as the broad-market CoinDesk 20 Index (CD20) had a 3.2% decline within the same time frame. Major altcoins Solana (SOL) and Dogecoin (DOGE) dropped as high as 6% to 7%, while Ether (ETH) dropped below $3,500, about 4% lower.
As of 15:45 UTC, CoinGlass data indicates that about $200 million worth of leveraged derivatives trading positions were liquidated across all digital assets as a result of the drop. The vast majority of holdings, valued at almost $175 million, were longs, or bets on rising prices. The data indicate that this was the biggest leveraged long flush of the week, indicating that leveraged traders were surprised.
Technical analysis suggested a different result, despite some analysts projecting higher prices in response to Bitcoin’s Monday burst above $70,000. Joel Kruger, a market strategist at LMAX Group, stated that since Monday’s high price was lower than the record highs set in March, the muted prices may persist for some time before aiming for new highs.
In an email, he stated, “Bitcoin continues to demonstrate remarkable resilience, finding support amidst a period of consolidation.” “A possible lower top at $71,800 is hinted at by the daily chart, which raises the prospect of corrective market action before a new effort at record highs.
In other news, the current market capitalization of Bitcoin is USD 1,363.75 billion, and its live price is $69,311.42 per (BTC / USD). USD 19.74 billion is traded in a day. The price of Bitcoin to USD is updated instantly. Bitcoin has increased by 2.3% during the past day to have 19.68 million units in circulation.
Bitcoin is a risky investment even for someone with years of experience in the cryptocurrency market. It is known to have more volatility than bonds, funds, and other traditional stock investments.
Two days after coming dangerously close to hitting a record high of $73,800, Bitcoin (BTC) stabilized at roughly $69,400. With profit-taking or increasing selling pressure preventing further upward movement, this is Bitcoin’s third unsuccessful effort to drop significantly below its all-time high. This reflects traders’ uneasiness approaching record levels.
- Published By Team Genuine Reporter