The crypto market is not finishing this week on a high note. It’s quite the opposite, as Bitcoin and all top altcoins are down significantly in the last few hours.
Bitcoin went from around $71,000 to below $69,000, while Ethereum dropped from around $3,850 to now trading below $3,700. All other top altcoins are down around 10% as well.
According to the crypto data provider Watcher Guru, around $300 million was liquidated from the cryptocurrency market in just the past 60 minutes. This indicates that investors were quickly selling off positions.
JUST IN: $300 million liquidated from the cryptocurrency market in the past 60 minutes.
— Watcher.Guru (@WatcherGuru) June 7, 2024
There could be a few reasons behind this selloff. Some investors may be taking profits after the recent bull run. Others could be getting spooked by potential regulatory crackdowns (although there aren’t any obvious ones right now).
However, Michaël van de Poppe, an elite crypto analyst, doesn’t appear too concerned by the downturn. In a recent tweet, he acknowledged the substantial market correction with altcoins dropping 10-20%. Despite being heavily invested in altcoins himself, van de Poppe stated he has no plans to sell.
He views the selloff as likely a “liquidity hunt” where larger players are trying to buy up coins at lower prices. As such, he plans to stay in his current positions. For investors with available cash, van de Poppe suggests these dips could present buying opportunities.
Substantial correction in the markets.#Altcoins dropping by 10-20%. Yes, I’m all-in altcoins and I feel that too. Do I sell? No. It seems a liquidity hunt. I’m staying in my positions. If you’re having liquidity, these dips are your chances.
— Michaël van de Poppe (@CryptoMichNL) June 7, 2024
While volatility is never comfortable, this likely shouldn’t worry crypto enthusiasts too much given we are still in an overall bull market. Ethereum ETFs are set to start trading in around two weeks, which could drive further price increases.
Rather than panic selling, investors should view these dips as potential buying opportunities if you have cash ready to deploy. We all now how unpredictable crypto can be, but the long-term trajectory still appears bullish.
Read also: Solana (SOL) Surpasses Ethereum’s 24-Hour DEX Volume as ETH Faces Potential Spike or Dip
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