HOT MOMENTS: Bitcoin Experiences Massive Drop – Falls Below $67,000. What’s Going On? Here’s the Reason for the Decline and the Data
A sharp sell-off in the cryptocurrency markets intensified. Bitcoin, the largest cryptocurrency, as well as Ethereum and altcoins, saw double-digit daily losses. Increased volatility and weakening risk appetite led to a liquidation of $1.41 billion in the market over the past 24 hours.
Bitcoin’s price fell to levels as low as $67,000 during the day, reaching its lowest level since November 2024. Currently trading at $67,099, BTC has lost 10.24% in value in the last 24 hours, while its weekly decline has reached 21.35%. Bitcoin’s market capitalization has fallen to $1.34 trillion.
A chart showing the recent major drop in BTC price.
Analysts note that selling pressure has deepened due to weakening marginal demand and volatility, particularly in technology stocks, which has also impacted crypto assets. Furthermore, the pullback in gold and silver prices is said to be leading speculative capital to reposition itself in asset allocation. Bitcoin is currently down approximately 45% from its October peak. In addition, doubts about whether FED Chairman nominee Kevin Warsh will pursue a hawkish policy are reinforcing the situation.
Related News: Giant Asset Management Firm Multicoin Capital Allegedly Sold Ethereum and Made a Surprise Massive Purchase of an Altcoin
Ethereum also felt the effects of the sell-off. The price of ETH fell to $1,940, losing 10.84% in the last 24 hours and 31.46% in the last 7 days.
Open positions in futures markets are narrowing, and funding rates are turning negative. This indicates that mandatory position closures are being triggered in the market.
A total of $1.41 billion in positions were liquidated in the last 24 hours. Of this, $1.23 billion consisted of long positions, while $175 million came from short positions.
*This is not investment advice.
Continue Reading: HOT MOMENTS: Bitcoin Experiences Massive Drop – Falls Below $67,000. What’s Going On? Here’s the Reason for the Decline and the Data
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