Bitcoin experienced significant price fluctuations, rising above $83,000 before falling back. This was accompanied by declines in several altcoins.
Bitcoin Price Fluctuations
Leading cryptocurrency Bitcoin reached $83,000 during the day, but soon after, its price fell below $80,000. These fluctuations have influenced the entire cryptocurrency market, particularly altcoins.
Altcoin Decline
The decline in Bitcoin also affected other cryptocurrencies: Ethereum (ETH) fell 3.6%, XRP dropped 4.7%, and Solana (SOL) decreased by 8.6% in the last 24 hours. Only Mantle (MNT), Ethena (ENA), and XDC remained in the green.
Reasons and Market Impact
While there's no specific news or event explaining the decline, it seems that the prevailing fear and economic uncertainty are increasing selling pressure and driving prices lower. The declining trend continues in the US stock markets as well, with experts evaluating that this is related to global economic trends. According to Coinglass, leveraged positions worth $674.2 million were liquidated over the last 24 hours, $508 million of which were long positions, and $165.5 million were short positions.
The current cryptocurrency market fluctuations are linked to uncertainty and economic fears. Investors continue to watch developments across all related markets.
