Bitcoin's recent recovery has faced a major setback, as the cryptocurrency fell below the critical threshold of 80,000. According to the experts cited in the publication, the situation is becoming critical, and this decline has not only affected Bitcoin but also led to a drop in Ethereum's value, which fell under 2,300.
Market Downturn Analysis
According to XWIN Research Japan, the recent downturn is largely attributed to profit-taking by holders and issues within the internal market structure, rather than any external macroeconomic pressures. This has resulted in a staggering loss of over 90 billion from the total cryptocurrency market capitalization.
Recent Liquidations and Market Volatility
In the last 24 hours alone, approximately 331 million in liquidations were recorded, with nearly 100 million occurring in a rapid two-hour period. This volatility highlights the ongoing challenges faced by the crypto market as it navigates through profit realizations and structural adjustments.
Bitcoin's price has recently dipped below $80,000, influenced by significant outflows from US spot ETFs. This decline contrasts with the recent recovery discussed in the previous news. For more details, see read more.
