#BTC at $70K. Break ATH soon?#
Bitcoin's sudden drop affected the entire crypto economy and wiped out $454 million in Long
Bitcoin (BTC), after reaching around $71,949 about seven hours ago, has dropped to $68,450 per unit. The decline in BTC has reduced the overall crypto market correction by 3.89% and the current value has reached $2.53 trillion. Other key assets affected include XRP, DOGE, SHIB and LINK.
The crisis triggered significant liquidation in the cryptocurrency futures market. Figures from Coinglass.com show that in just the last day, there was a total of $454.18 million in liquidations. About $405.21 million is a long position and $86.86 million is specifically a long position in Bitcoin. Meanwhile, there was about $123 million gained from other cryptocurrencies, ETH lost $67.27 million from its long position.
As a volatile day in the cryptocurrency markets ends, investors must reflect on the consequences of such volatile moves. The recent decline in BTC price further emphasizes the broader impact of the entire cryptocurrency ecosystem. As the market stabilizes, the tolerance of both experienced and novice investors can be tested.
Liquidating large amounts of leveraged positions can be helpful to the market because it reduces overall leverage and reduces the risk that incremental liquidations can cause excessive volatility.
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