Bitcoin’s Plummet Sparks Surprise
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Bitcoin made a bold attempt to break through the crucial $70,000 support level last night, only to be met with strong resistance that prevented the breakthrough. In a span of just one hour, Bitcoin saw a staggering drop of over $2,000, leading to a total loss of $80 billion in the cryptocurrency market value. Stay updated with the latest tech news by visiting NEWSLINKER.
Bitcoin’s Plummet Sparks Surprise
The total value of liquidated positions in the futures market surged to around $170 million per day. Analysts noted that Bitcoin’s price movements were relatively lackluster over the weekend, but things took a positive turn on June 10. The digital asset aimed to reach $70,000, faced some psychological barriers, and saw a surge in the afternoon.
Despite briefly surpassing this milestone, bears swiftly intervened, preventing a decisive breakthrough. Bitcoin quickly lost ground, dropping over $2,000 in just an hour. This led to the price hitting its lowest point since June 3, at $67,500, with the market value shrinking to $1.335 trillion, as per CoinGecko’s data.
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Altcoin projects also experienced notable declines during this period. Ethereum saw a 3.5% drop, reaching $3,560, while other popular projects like SOL, DOGE, TON, SHIB, and LINK also faced similar declines.
Binance Coin, which had a strong performance last week, saw a more than 7% drop in the past 24 hours, falling below $620.
Recent trending projects like NOT (-19%), W (-15%), JSMY (-11%), and BRETT (-10%) also suffered significant losses. Within the last 12 hours, the total liquidated positions in the futures market reached up to $170 million daily, impacting over 75,000 investors.
Interestingly, Ethereum accounted for the largest share of liquidated positions, with a total value exceeding $6.5 million, primarily through Binance.
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Disclaimer: The information provided in this article should not be considered as investment advice. Investors should be aware of the high volatility and risks associated with cryptocurrencies and conduct their own research before investing.
