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Market turned upside down: Big drop in Bitcoin and altcoins

Bitcoin saw 58 thousand dollars with a sharp drop at night. Altcoins, on the other hand, experienced deeper depreciation losses. Bloomberg ETF analyst James Seyfpart wrote that he compared the last six-month price movement in Bitcoin to the period from mid-2019 to early 2020.

Bitcoin, which rose above 63 thousand dollars today, fell to 58 thousand dollars with a sharp decline at night. The decline in Bitcoin was followed by altcoins, as always.

Fed chairman Jerome Powell's statements on Friday gave a very positive mood for the cryptocurrency market. Bitcoin rose up to 65 thousand dollars, while stronger price increases were seen in altcoins. Now things have turned around. In the derivative market, the position of more than 85 thousand investors, which exceeded 300 million dollars in total, was closed with a loss.

“Bitcoin reminded of the period in 2019”

The reason for the decline in Bitcoin is not yet known. On the other hand, Bloomberg ETF analyst James Seyffart wrote that Bitcoin has moved between 50 and 70 thousand dollars in the last six months, which reminds me of the period from mid-2019 to the beginning of 2020. Bitcoin was moving in the 7 to 10 thousand dollar band at that time. Seyffart added, "I know that past movements should not be embaned with current conditions."

The total market capitalization of cryptocurrencies fell from $2.22 trillion to $2.05 trillion. The biggest depreciation in the top 100 cryptocurrencies in terms of market capitalization was in WIF, ENS and JUP. These cryptocurrencies lost 12 percent, 10.5 percent and 10 percent, respectively.