Hold onto your hats, crypto enthusiasts, because the crypto rollercoaster is taking a wild dip! Bitcoin (BTC) just took a nosedive, hitting as low as $76,700, a level we haven't seen since the tail end of 2024. Talk about a plot twist in the bullish saga we've been watching.
The entire crypto market seems to be in a bit of a slump, with the total market cap slipping under $2.7 trillion. BTC, Ethereum (ETH), and a slew of other big-name digital assets have been taking a beating, sinking to lows we haven't witnessed in months.
But don't count the bulls out just yet! They've shown some resilience, managing to halt the freefall, and now Bitcoin is hovering around the $80,000 mark. Not too shabby, considering the circumstances.
ETH also had its moment of panic, briefly dipping below $1,800, a level we last saw in 2023. And it's not just BTC and ETH feeling the heat. Ripple (XRP), Cardano (ADA), Solana (SOL), and pretty much every member of the top 100 crypto club are seeing red.
No surprise, this downturn has been a tough pill to swallow for traders wielding high leverage long positions. A whopping 330,000 positions were liquidated in just 24 hours, wiping out a cool $950 million. Yikes! BTC trades alone accounted for $318 million of that, with Ethereum and Solana not far behind.
The biggest single liquidation came from a BTC/USDT trade on Bybit, costing one unlucky trader a jaw-dropping $5.26 million. Ouch!
As we look to the days and weeks ahead, brace yourselves for more market turbulence. With potential peace talks in Ukraine, fresh US CPI data, and the Federal Reserve's FOMC meeting on the horizon, you can bet the crypto seas will be anything but calm. Stay tuned, folks!
