BTC plunges, altcoin sell-off triggers $455 million in liquidation!
Bitcoin (BTC) has recently experienced a big drop, with prices dropping to their lowest point in nearly a month. The reason is that many investors began to sell their Bitcoin and altcoins, resulting in a large number of sell transactions in the market. This situation also triggered a liquidation of funds in the entire cryptocurrency market, with an amount of up to $455 million!
What happened in the market?
The price of Bitcoin fell from a high of $67,000 to around $64,500. Not only Bitcoin, but other popular cryptocurrencies such as Ethereum (ETH) and Solana (SOL) also fell.
Why did this happen?
Some experts explained that the drop in the price of altcoins this time was actually predictable. Because many previously locked tokens were suddenly unlocked, these investors rushed to sell these tokens for cash. As a result, there were more sell orders in the market, and the price naturally fell.
How big is the market impact?
The market turmoil this time is really big! According to statistics, more than 172,000 cryptocurrency investors suffered fund liquidation in just one day, with a total amount of up to $455 million.
Who are the biggest losers?
In this storm, long investors (those who buy because they think the price will rise) suffered the most, losing a total of $393 million. And short investors (those who sell because they think the price will fall) also lost $62 million. Ethereum investors suffered particularly heavy losses, losing a total of $92 million!
What about other cryptocurrencies?
In addition to Bitcoin and Ethereum, other large cryptocurrencies have also been affected to varying degrees. For example, Solana lost $18 million, XRP lost $4 million, and even the lovely Dogecoin lost $60 million!
What should novices do?
There is an old saying in the investment world: "When others are fearful, be greedy." This means that when everyone is selling out of fear, it may be a good time for you to pick up treasures!
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