- The cryptocurrency market has experienced another significant downturn.
- Bitcoin and many altcoins have suffered substantial losses, dragging down the total market capitalization below $2.6 trillion.
- This slide comes amid ongoing market volatility and intensified selling pressure.
A comprehensive analysis of the latest downturn in the cryptocurrency market, emphasizing Bitcoin’s recent plunge and the broader impact on altcoins.
Bitcoin’s Sharp Decline Nears $67K
Currently, Bitcoin is teetering around the $67,500 mark following a dramatic drop that saw its value hit a low of approximately $67,200 on Binance. This represents a 2.7% decrease over the past 24 hours.
Massive Liquidations Across Derivatives Platforms
According to Coinglass data, total liquidations in the past day have reached roughly $170 million, with a staggering 92% of these being long positions. Binance leads the liquidation tally with $65 million, followed by OKX and Huobi.
Altcoins Suffer Deeper Losses
Several large-cap altcoins have recorded more severe declines than Bitcoin. As per the data, Solana (SOL) fell by 3.6%, Shiba Inu (SHIB) by 3.6%, Ethereum (ETH) by 3.7%, Pepe (PEPE) by 3.8%, Toncoin (TON) by 3%, and Binance Coin (BNB) by 5%.
Widespread Red Across Meme Coins
Meme coins, in particular, have not been spared. Tokens such as PEOPLE, PONKE, BRETT, DOGE, FLOKI, and SHIB have all experienced significant declines, contributing to what many are calling a market-wide bloodbath.
Conclusion
As the market remains volatile, it is uncertain whether this is a temporary correction or the beginning of a longer downtrend. Investors should stay informed and exercise caution as the market continues to navigate through these turbulent times.
