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💲Bitcoin (BTC) took a sharp dive on Tuesday, dropping more than 10% from its recent all-time high. It soared to $69,200 earlier in the day, but heavy selling pressure on crypto exchanges pushed it down below $60,000 at one point.
💲 The sell-off was fueled by large sell orders seen on exchanges like Binance, with over 300 BTC worth about $20 million set to be sold at $69,000, and more than 500 BTC for sale at $70,000. This selling pressure created a significant barrier for Bitcoin's price, leading to a rapid decline.
💲 The CoinDesk Bitcoin Index (XBX) briefly hit an all-time high of $69,208 before plummeting over $1,000 in just one minute. The sell-off continued in waves, with Bitcoin dropping below $65,000 and hitting a low of $59,700. However, it bounced back to $62,800 at press time.
💲 Bitcoin's pullback caused it to underperform other cryptocurrencies like Ethereum (ETH) and Solana (SOL). Altcoins such as Cardano (ADA), Dogecoin (DOGE), and Shiba Inu (SHIB) also experienced losses of about 10%-12%.
💲 The sharp price action triggered massive liquidations, wiping out over $1.1 billion worth of derivatives trading positions across digital assets in the past 24 hours. Most of these liquidated positions were longs, betting on rising prices.
💲 Tuesday's events echoed similar price movements seen around Thanksgiving 2020, highlighting the volatile nature of the cryptocurrency market and the potential for sudden reversals in price trends.
