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Bitcoin's Drop to $86,000 Sparks Market Panic

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by Giorgi Kostiuk

4 hours ago


The cryptocurrency market faces a significant downturn as Bitcoin's price hits $86,000, causing panic across the trading community.

Bitcoin Price Analysis

Bitcoin's price saw a low of $86,000.23 and a high of $89,557.54. It currently stands at $88,275.05, a 1.67% decrease over the last 24 hours. Just a month ago, on January 20, 2025, it reached an all-time high of $109,114.88.

Market Turmoil and Liquidations

The drop in Bitcoin's value triggered significant market liquidations, totaling nearly $1.5 billion. Bitcoin was the most affected, contributing $337 million, followed by Ethereum at $77.86 million and Solana at $26.58 million. Other altcoins, like XRP, also experienced major sell-offs.

Expert Opinions and Market Future

Experts express concerns over continued volatility. XRP has risen by 3.55% to $2.28 in the last day. Investors remain cautious as they monitor market shifts. Popular analyst Michael Van De Poppe highlighted the importance of Bitcoin closing above $87,000 as a positive indicator.

"#Bitcoin price reached $83-87K. Today is important. If #Bitcoin can close north of $87K and most of the #Altcoins can close green, that's a good first step. Again, max peak in negative sentiment where I've received a lot of 'panic' messages is usually a great sign."Michael Van De Poppe

The cryptocurrency market is experiencing turbulent times, and further volatility may persist. Experts remain vigilant as investors continue to keep a close watch on developments.

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