Widespread liquidation in the cryptocurrency market: Analyzing the reasons for the sharp decline of Bitcoin and altcoins.
The cryptocurrency market experienced a sharp decline yesterday, Thursday, leading to Bitcoin losing its evident upward momentum.
The price of the currency dropped by more than 50% from its peak recorded in October, and within just 24 hours, it plummeted from $77,000 to around $60,000, marking one of its worst daily sessions.
These losses extended to altcoins, with some cryptocurrencies recording declines of nearly 20%, such as XRP. The value of liquidations in a single day was approximately $2.6 billion, with nearly 600,000 traders liquidated, according to "CoinGlass" data.
According to the analysis from "Kobeissi", the fundamentals in the cryptocurrency market have not drastically changed despite the significant drop. The real reason for this decline is attributed to a previous shock that occurred on October 10, when over $19 billion in positions were liquidated.
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