Bitcoin experienced a rollercoaster of a day on Monday, with intense volatility shaking up the entire cryptocurrency market. The digital asset plunged to a new monthly low of $64,000, leaving investors and traders in a state of panic. The altcoins followed suit, with massive declines across the board, resulting in approximately 190,000 traders facing significant losses.
After a relatively quiet weekend where Bitcoin hovered around $66,000, the start of the week seemed promising as the cryptocurrency began to gain momentum. However, this optimism was short-lived as the bears swiftly took control, leading to a sharp price drop. Within minutes, Bitcoin lost over $3,000, plummeting to its lowest level since May 15 at $64,000 on Bitstamp. Despite a slight recovery, Bitcoin currently sits around $66,000, still reeling from the impact of Monday’s volatility.
The altcoins experienced similar turbulence, with many seeing substantial price drops. Despite some attempts at recovery, tokens such as SHIB and DOGE remain down by approximately 10% for the day. Other major altcoins like SOL, AVAX, LINK, ADA, and DOT have also suffered losses in the range of 7-9%. Ethereum (ETH) took a hit as well, dropping to $3,450 after hitting a low of $3,330 earlier in the day. The ongoing market instability has left traders holding NEAR, UNI, MATIC, WIF, FIL, FET, and others facing significant losses.
The extreme volatility in the market has wreaked havoc on over-leveraged traders, with more than 190,000 individuals being liquidated in a single day. The total value of these liquidated positions has surpassed $480 million within the same timeframe, highlighting the magnitude of the losses incurred. The largest liquidated order occurred on Binance, totaling $6.44 million and involving the ETH/USDC trading pair, according to CoinGlass.
Overall, the cryptocurrency market’s wild fluctuations have left investors and traders on edge, underscoring the importance of risk management and caution in such volatile times. As traders navigate the uncertainties in the market, it is crucial to stay informed, adapt to changing conditions, and exercise prudence in trading decisions to mitigate potential losses.
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