Bitcoin made an attempt to break through the critical $70,000 support level but encountered strong resistance, leading to a sudden drop of more than $2,000 in just an hour. This downward trend resulted in an $80 billion decrease in the overall cryptocurrency market value, impacting various alternative coins.

Impact of Bitcoin's Decline

The futures market witnessed a surge in liquidated positions amounting to around $170 million on a daily basis. Despite starting positively on June 10, Bitcoin's price behavior remained lackluster during the weekend. The digital asset briefly touched $70,000 facing psychological resistance but swiftly changed direction, declining to $67,500, its lowest point since June 3. The market capitalization dipped to $1.335 trillion as per CoinGecko data.

As Bitcoin stumbled, bearish trends prevented any significant advances. The abrupt decline in price led to substantial market losses, highlighting the volatile and unpredictable nature of the cryptocurrency market.

Recent Developments in the Cryptocurrency Landscape

The downturn also impacted altcoin projects. Ethereum, for example, witnessed a 3.5% decrease, reaching $3,560. Other popular altcoins like SOL, DOGE, TON, SHIB, and LINK also faced similar setbacks. Binance Coin, which had shown positive performance in the preceding week, dropped by more than 7% within the last 24 hours, falling below $620.

New projects such as NOT, W, JSMY, and BRETT experienced even sharper declines, varying from 10% to 19%. The total value of liquidated positions in the futures market hit up to $170 million daily, impacting more than 75,000 investors.

Key Points for Investors

• Bitcoin encountered significant resistance at $70,000 and witnessed a drop of over $2,000 within an hour.
• Altcoins, including Ethereum and Binance Coin, faced noticeable declines.
• The futures market saw liquidated positions amounting to $170 million, affecting over 75,000 investors.
• Ethereum held the largest liquidation position, surpassing $6.5 million through Binance.

The recent market downturn highlights the risks and volatility inherent in the cryptocurrency domain, emphasizing the need for caution among investors.