The cryptocurrency market is experiencing a significant downturn, with leading assets facing sharp declines and total market capitalization dropping by 2.45%
The cryptocurrency market is facing a significant downturn, with leading assets encountering sharp declines and total market capitalization dropping by 2.45% in the last 24 hours, settling at $2.59 trillion.
This downturn marks one of the most challenging periods for the market in recent months, with major assets like Bitcoin and Ethereum encountering substantial price drops.
Bitcoin Hits 5-Month Low
Bitcoin, the flagship cryptocurrency, has taken a notable hit, plunging by 4% to trade at $80,700. This price drop pushes Bitcoin to its lowest level in five months, significantly impacting its market capitalization, which now stands at $1.6 trillion.
Trading volume over the same period has reached $15.7 billion, reflecting heightened activity as investors react to the decline.
During the past 24 hours 92.95 million were liquidated from the BTC market – $57.6 million long positions and $34.66 million in shorts, according to CoinGlass data.
The 1-day technical analysis from TradingView highlights the extremely bearish santiment in the Bitcoin market. The summary and moving averages point to “strong sell” with 18 and 14 sinals, respectively, while oscillators show “sell” with 4.
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