The cryptocurrency market experienced a tumultuous Monday, marked by extreme volatility that saw Bitcoin plummet to a new monthly low of $64,000. Altcoins also faced significant fluctuations, with many suffering massive declines. This sudden downturn resulted in over 190,000 traders being liquidated within a single day.
Market Behavior and Price Movements
Over the weekend, Bitcoin had maintained a relatively stable price of around $66,000. However, the situation took a sharp turn on Monday. Initially, the cryptocurrency showed signs of gaining traction as it climbed to a local peak of just over $67,200. Unfortunately, bears quickly seized control of the market, leading to a significant price drop. In a matter of minutes, Bitcoin lost over three thousand dollars, hitting its lowest point since May 15 at $64,000 on the Bitstamp exchange. Despite a slight recovery, the digital asset currently hovers around $66,000.
Altcoins mirrored Bitcoin’s behavior, experiencing substantial price drops across the board. Despite some recovery efforts, popular altcoins like SHIB and DOGE are still down by around 10% for the day. Other major altcoins such as SOL, AVAX, LINK, ADA, and DOT recorded losses ranging from 7-9%. Additionally, Ethereum (ETH) suffered a decline to $3,450 after dropping to $3,330 earlier in the day. Further losses were observed in altcoins like NEAR, UNI, MATIC, WIF, FIL, FET, and others.
This period of intense volatility has been particularly brutal for over-leveraged traders, with more than 190,000 of them being liquidated within a single day. The total value of liquidated positions exceeded $480 million during this time, highlighting the widespread impact of the market downturn. Notably, the largest single liquidated order occurred on Binance, involving the ETH/USDC trading pair and amounting to $6.44 million, as reported by CoinGlass.
The cryptocurrency market’s wild fluctuations have resulted in significant losses for traders across various digital assets. The unpredictability and rapid price movements serve as a stark reminder of the inherent risks associated with trading in this volatile market.
Leave a Reply