The cryptocurrency market is experiencing a sharp decline, leading to over $1.4 billion in liquidations. Bitcoin has lost value, and altcoins are not exempt from the downturn.
Bitcoin Drops Below $76K
The total market cap of cryptocurrencies decreased by 8.69%, sinking below the $2.5 trillion mark. The 24-hour trading volume surged by 275% to reach $159 billion, indicating that traders are heavily withdrawing their investments from cryptocurrencies amidst the downward trend.
According to CoinGlass, over 450,000 traders were liquidated in the last 24 hours, totaling $1.4 billion in liquidations, with 87% of those being long positions. Bitcoin fell to the $76,000 zone, marking its worst start to a historically bullish month.
Markets in Turmoil
U.S. stock markets are also showing negative trends, with the S&P 500 falling nearly 6% and Nasdaq 100 spiraling 6.2%. Analysts suggest that these market conditions are a result of actions taken by former U.S. President Donald Trump, impacting over 180 countries. Some commentators warn of a potential economic disaster if these policies continue.
Altcoins Also Suffer
Altcoins have not escaped the crisis. Solana (SOL), XRP, and Dogecoin (DOGE) took a nosedive of about 15%. Ethereum (ETH) also dropped by 17%, trading below the $1,500 mark. This overall decline reflects a broader crisis in financial markets and a volatility in cryptocurrency investments.
The cryptocurrency market remains critical, and investors are under pressure. The decline in prices of Bitcoin and other altcoins signifies significant volatility and potential further losses.
