Crypto Market Crashes, Losing $120 Billion as Bitcoin and Altcoins Tumble

The cryptocurrency market has experienced a significant decline, with Bitcoin falling below $67,000 and altcoins facing steep losses. Bitcoin's sudden crash triggered a wave of liquidations, while the altcoin market shows widespread red, with Ethereum, Cardano, and Avalanche among the most affected. Meme coins have also experienced considerable retrac

Bitcoin and Altcoins Reel from Market Turbulence, Losing $120 Billion in Value

The cryptocurrency market has experienced a tumultuous 24 hours, witnessing a significant downturn with a total loss of $120 billion in market capitalization, now hovering around $2.63 trillion. This has been driven by notable declines across the board, impacting major players like Bitcoin, Ethereum, Solana, and others.

Bitcoin Suffers $3,000 Loss, Triggering Liquidations

Bitcoin has lost approximately $3,000 over the past day, following a sudden crash this morning. The price plummeted from almost $70K to $67K within minutes, triggering a wave of liquidations. According to CoinGecko, the total number of liquidations surpassed $500 million in the past 24 hours, primarily consisting of long positions.

Despite the downturn, analysts maintain an optimistic outlook, viewing this as a healthy correction towards more sustainable levels. Notably, the Bitcoin halving is scheduled to occur this month, which historically has had a positive impact on the BTC price by reducing the supply of new bitcoins in half.

Altcoins Bear the Brunt of the Market Sell-Off

The altcoin market has been particularly hard-hit, with most coins experiencing greater losses than Bitcoin. Ethereum has fallen by 5%, Cardano (ADA) by 5.3%, and Avalanche (AVAX) by 8%.

Meme coins have also suffered significant declines. Dogecoin has lost approximately 9% in the past 24 hours, while Shiba Inu (SHIB) has shed around 6.4%. Dogwifhat (WIF), the Solana-based meme coin sensation, has plummeted by 15.3%, and PEPE has lost approximately 12%.

Core and TAO Emerge as Top Performers

Amidst the market turmoil, some coins have managed to defy the trend. Core (CORE) has surged by an impressive 23.3% over the past day, followed by Bittensor's TAO, which has gained 10.6%. These two have emerged as the standout performers in the current market conditions.

WIF has been the worst-performing altcoin, followed by Bitcoin SV (BSV), which has declined by 12.4%, as reported by CoinGecko.

Outlook Uncertain as Market Navigates Volatility

The market's direction remains uncertain at this stage. While Bitcoin's halving event could potentially provide a tailwind, the ongoing volatility and the broader economic environment may continue to influence the market's trajectory. Investors are advised to exercise caution and consider market conditions carefully before making any investment decisions.