(Wed 03 July 2024)
In the crypto market, over the past 24 hours, we've seen a bearish momentum sweeping through the market. Altcoins and memecoins have taken a hit, largely driven by a sharp decline in Bitcoin's (BTC) value.
Bitcoin $BTC , which had recently been hovering around the $63,000 mark, has dropped by 3.59%, bringing its current price down to $60,760. This sudden dip has had a ripple effect across the crypto market.
According to data from Coinglass, Bitcoin experienced $34.7 million worth of liquidations in the last 24 hours. The total market liquidations reached a staggering $123 million. Most of these liquidations were long positions, meaning investors were betting on prices to rise but were caught off guard by the sudden downturn.
This surge in liquidations highlights the inherent volatility of the cryptocurrency market.
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