The cryptocurrency market faces significant fluctuations due to sharp sales of Bitcoin. Millions of dollars have been withdrawn from the market in the last hour.
Current Situation in the Bitcoin Market
In just one hour, over $2.78 million in long positions for Bitcoin (BTC) were liquidated. According to CoinGlass data, the ratio was 8,593%, which is unusual for a stable period.
Factors Influencing Price Drops
A key factor for the drop in prices was the movement of an active wallet containing over 80,000 BTC. It has been reported that 16,843 BTC from this wallet were sent to institutional accounts, triggering a tumultuous market reaction.
Consequences for Investors and the Market
In the last 24 hours, Bitcoin investors realized a profit of about $3.5 billion. It is noteworthy that Bitcoin is currently trading at around $116,700, down 4% from the previous day. This underscores the rapid market response to old asset supplies and sharp sell-offs.
The cryptocurrency market demonstrates its unpredictability and high volatility. The situation concerning the drop in Bitcoin prices highlights the importance of a managed investment approach in cryptocurrencies.
