Hold onto your hats, folks! The past 24 hours have been a roller coaster ride for around 120,000 traders who saw their positions go up in smoke. Bitcoin, the big player on the crypto block, took a nosedive, shedding several grand and hitting a multi-week low just under $62,000.
This price drop is the lowest we've seen since the US Federal Reserve cut interest rates back in mid-September. Just this morning, things were looking a bit rosier. Bitcoin had clawed its way back up to nearly $64,000 after dipping below $63,000 yesterday. But the celebration was short-lived. The bears came out in full force, pushing Bitcoin down to a two-week low of $61,800.
The bulls weren't ready to throw in the towel, though. They managed to pull Bitcoin back up by about $1,000. But it’s not just Bitcoin feeling the heat. Most altcoins are also in the red. Ethereum (ETH) has slipped over 3%, Solana (SOL) is down 3.6%, and Dogecoin (DOGE) has taken a whopping 5% hit.
What's really intriguing is that this price drop happened even after Fed Chair Jerome Powell hinted at two more rate cuts by the end of the year. The last time the Fed slashed rates, Bitcoin went on a joyride from $59,000 to over $66,000 in just ten days.
This wild volatility has left nearly 120,000 traders licking their wounds, with a staggering $350 million in positions getting liquidated. While long positions took the biggest hit, neither Bitcoin nor Ethereum are the top culprits this time around.
Buckle up, because the crypto market shows no signs of calming down anytime soon!
