Bitcoin (BTC) suffered a significant drop in value over the weekend, with the cryptocurrency falling to $27,000. The sudden plunge led to the liquidation of over $200 million worth of BTC in just one hour. The cryptocurrency’s decline is linked to concerns over government crackdowns and environmental issues surrounding its mining process. The situation has caused alarm among investors in the crypto market, who are closely monitoring its impact on their portfolios. The ongoing volatility highlights the inherent risks of cryptocurrency investments and the need for careful consideration before committing funds.
The crypto market has taken a turn for the worse, as the bulls may have celebrated too soon. Bitcoin (BTC) surged to $30K earlier today, but quickly plummeted to $27K in less than an hour. This sudden drop left close to $200 million in liquidated leveraged positions in the past hour alone. Upwards of 90% of the liquidations in the past hour were longs, accounting for more than $157 million. Binance and OKX are the major players that account for the majority of the volume, in fact, 97% of the liquidations on Binance were leveraged long positions. At the time of this writing, BTC is trading at around $27,500, but the volatility is high.
The rest of the market has also taken a beating, with Ethereum (ETH) down to $1800. This is a significant drop when compared to its recent high of nearly $4200. Experts have pointed out that the market may be experiencing a correction, but it remains to be seen if this is just a temporary dip.
Investors and traders are advised to be cautious during periods of high volatility, as sudden market swings can easily wipe out significant portions of their portfolios. It is important to stay updated with the latest market news and trends and to make informed decisions based on solid research.
In the meantime, some exchanges are offering special deals to attract new users. Binance is offering a free $100 and 10% off fees on Binance Futures for the first month, while PrimeXBT is offering up to $7,000 on deposits. These offers can make a significant difference for those who are looking to enter the market or increase their exposure.
In conclusion, the crypto market has taken a hit, with Bitcoin and Ethereum showing significant drops in their prices. Investors and traders are advised to be cautious and to stay updated with the latest news and trends. Meanwhile, some exchanges are offering special deals to attract new users, which could be worth considering for those looking to enter the market.