$BTC $Why Is the Crypto Market Down?
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The crypto market has not ended the week well. Quite the contrary, Bitcoin and all top altcoins fell significantly in the last few hours.
Bitcoin rose from around $71,000 to under $69,000, while Ethereum fell from around $3,850 to now trade under $3,700. All other top altcoins were also down around 10%.
According to crypto data provider Watcher Guru, around $300 million has been liquidated from the cryptocurrency market in just the last 60 minutes. This indicates that investors quickly sold their positions.
JUST IN: $300 million liquidated from cryptocurrency markets in the last 60 minutes.
— Watcher.Guru (@WatcherGuru) June 7, 2024
There could be several reasons behind this sell-off. Some investors may be taking profits after the recent rally. Others may be fearful of a potential regulatory crackdown (even if there is no clear action at this time).
However, Michaël van de Poppe, an elite crypto analyst, does not seem too worried about this drop. In a recent tweet, he acknowledged a substantial market correction with altcoins down 10-20%. Although he is heavily invested in altcoins, van de Poppe stated he has no plans to sell them.
He views the sell-off as possibly a “liquidity hunt” where big players try to buy coins at lower prices. Therefore, he planned to stay in his current position. For investors with cash, van de Poppe thinks this dip could provide a buying opportunity.
Substantial correction in the marke#Altcoindown10-20%. Yes, I'm an altcoin jack-of-all-trades and I feel it too. Am I selling? No. This appears to be a hunt for liquidity. I remain in my position. If you have liquidity, this dip is your opportunity.
