Bitcoin Price- Bitcoin Hits 6-Week Low as Volatility Takes Hold in Crypto Market
Bitcoin Price– Bitcoin has continued its price struggles, dropping to just over $90,000 in the past 24 hours, marking its lowest point since January 13. This marks a significant drop of more than $9,000 from its peak on Friday, signaling increased volatility in the market.
The primary cryptocurrency had reached a weekly high of $99,500 on Friday following positive news from Coinbase regarding its ongoing legal battle with the SEC. However, the market quickly turned after the largest hack in cryptocurrency history, where $1.4 billion, mostly in ETH, was stolen from Bybit. Following this breach, Bitcoin’s price fell to $95,000, and after a brief calm weekend above $96,000, it continued its descent on Monday, reaching $94,000. On Tuesday morning, the price further plunged to a six-week low of just over $90,000.
Altcoins Hit Harder Amid Market Decline
Altcoins have been hit even harder by the recent market turmoil. Prices of major altcoins such as Ethereum (ETH), Dogecoin (DOGE), Solana (SOL), and Cardano (ADA) have seen substantial double-digit declines. As the market reacts to heightened volatility, Bitcoin and altcoins alike are experiencing significant losses.
Liquidations Surge Above $1 Billion
The increased volatility has led to massive liquidations, with the total value of liquidated positions surpassing $1 billion. Long positions have been the most affected, with $950 million coming from these trades. Binance experienced the largest liquidation, with a $15 million position being wiped out. Over 310,000 traders have been affected by the liquidations in the past day, according to CoinGlass data.
While the market is in a rough patch, analysts have remained relatively unshaken by the short-term downturn. However, the liquidation data highlights the heightened risk and extreme volatility faced by crypto traders at the moment.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.
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