On June 16, the cryptocurrency market faced unexpected volatility, highlighted by Bitcoin's sharp rise followed by its subsequent drop.
Sudden Price Movements in Bitcoin
The price fluctuations of Bitcoin started when it exceeded the level of $105,663. Following the peak at $107,114, significant selling pressure became apparent, leading to a 4.23% drop to $102,579. Some experts view the potential drop to the $100,000 to $99,000 range as a critical support level.
Decline in Other Cryptocurrencies
The volatility of Bitcoin also affected other major cryptocurrencies. Ethereum declined by 4.7%, Dogecoin by 0.9%, and XRP by 1.1%. The total market value of cryptocurrencies significantly decreased in response to these downturns.
Impact of Liquidations on the Market
The $651 million liquidation in the past 24 hours indicates ongoing volatility and short-term risks in the cryptocurrency market. The rapid liquidation of leveraged positions led to sudden price fluctuations. Experts assert that these quick liquidations can greatly influence investor behavior in the market.
CITE_NA: "The significant amount of liquidation within a short time clearly reveals the risks in crypto assets."
The cryptocurrency market has shown significant fluctuations over the past 24 hours, characterized by sharp surges and declines. Investors are advised to revisit their risk management strategies, especially newcomers, considering such volatility.
