Significant fluctuations have been evident in the cryptocurrency market lately. Bitcoin, which reached over $65,000 earlier this week, has now dropped to $60,000. Today, BTC briefly rose above $63,000 but then started to decline again. Along with Bitcoin, altcoins have also experienced negative impacts, with Ethereum dropping below $3,000 to $2,930, and other altcoins following suit.

Although there is no specific adverse news causing this decline in Bitcoin and altcoins at the moment, the exact reason for the drop remains unclear. Analysts suggest that this could be a result of leverage clearing. Recent data from Coinglass shows that $62 million worth of long positions were liquidated in the last hour, with a total of $149 million liquidated in the past 24 hours, primarily long positions.

*Please note that this information is not intended as investment advice.