bitcoin trader

Bitcoin Takes U-Turn; Market Witnesses Liquidation Worth Millions

(Wednesday 03 July 2024, 05:14 AM GMT):

In the cryptocurrency market, the past 24 hours have been a rollercoaster. The market has taken a bearish turn, with the prices of various altcoins and memecoins falling. The primary catalyst for this decline is Bitcoin (BTC), which saw a significant drop of 3.59%, from a high of $63,000 to its current price of $60,760.

According to data from Coinglass, this sharp decline in Bitcoin’s value has resulted in massive liquidations. Over the last day, Bitcoin alone has experienced $34.7 million worth of liquidations. along with $32.8 million liquidations in the Ethereum The total market liquidation stands at a staggering $123 million, with the majority of these liquidations coming from long positions.

Crypto Liquidation Heatmap
Source: CoinGlass

This sudden surge in liquidations highlights the current volatility of the market. Investors are finding themselves on shaky ground as the value of their holdings fluctuates wildly. The rapid changes serve as a reminder of the unpredictable nature of cryptocurrencies, where fortunes can shift in a matter of hours.

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