May 29, 2024
Bitcoin's Price Rollercoaster
Latest Cryptocurrency News

Bitcoin’s Price Rollercoaster

Bitcoin maintained stability around $44,000 until a bearish turn seized control of the market, triggering a substantial sell-off that pushed the cryptocurrency to a weekly low of just below $41,000.

With most alternative coins (altcoins) experiencing a similar downward trend, the cumulative value of liquidated positions has surged to over $400 million within a daily timeframe.

Over the weekend, following a bullish week in which Bitcoin surged by over 11%, it remained relatively calm at approximately $44,000. By the week’s end, it had reached $44,700, marking its highest price in over a year and a half.

However, Monday morning ushered in a negative tone as a significant price drop caused Bitcoin to plummet from around $44,000 to just below $41,000 (on Bitstamp) within an hour, registering a weekly low.

While Bitcoin has since recovered some ground and is currently trading above $42,000, the incident has adversely affected over-leveraged traders. The total value of liquidated positions has escalated to more than $400 million within a 24-hour period, with $360 million occurring in the past 12 hours alone. Over the past day, 120,000 traders have faced liquidation, with the largest wrecked position amounting to over $8 million on OKX.

The situation is no better for altcoins, with Ripple, Cardano, Polkadot, Chainlink, Shiba Inu, and others experiencing declines of over 6% in a single day. Avalanche stands out as the only larger-cap altcoin currently showing gains.

Photo by David McBee

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