Hold onto your hats, crypto enthusiasts, because the market is riding the wild wave of volatility once again! Bitcoin is taking a breather while meme coins are saying goodbye to their recent highs. It's a classic showdown between the bulls and the bears, and right now, it looks like the bears are having their moment.
After a brief upward swing, most cryptocurrencies are back in the red, wiping out the gains they made just yesterday. This rollercoaster ride has led to a spike in liquidations, with $230 million worth of derivatives biting the dust, and market sentiment taking a nosedive.
This pullback comes hot on the heels of news from the US Bankruptcy Court in Delaware, which has given the green light to FTX's reorganization plan. Creditors are set to receive between $14.7 and $16.5 billion in recovered assets.
Bitcoin's price has been a thrill ride, climbing up to $64,400 before the bears decided to crash the party. They've dragged it down to $62,000, and now it's hovering around $62,300. The million-dollar question: will this support level hold, or are the bears eyeing that crucial $60K mark next?
In the past 24 hours, over $60 million worth of Bitcoin derivatives have been liquidated, with long traders taking a hit of nearly $40 million. Not surprising, given the recent dip.
Despite the downturn, market sentiment isn't looking too glum. Most altcoins are seeing red, but the declines are modest. Big names like ETH, BNB, XRP, and BCH are down between 1% and 2%.
Meanwhile, meme coins are having a rough day. POPCAT, yesterday's star, is down 17.5%, and PEPE, BONK, and WIF are not far behind, dropping 8-10%. Looks like the meme coin party might be over for now.
Stay tuned for more of these thrilling market updates and keep your finger on the pulse of the ever-changing crypto landscape!
