Intense Market Movements in Cryptocurrency: Bitcoin Dips and Soars
The cryptocurrency market is a place where drastic fluctuations occur from time to time. Rapid movements bring about significant declines and increases. After the downturn, which began at 02:00 at night and led to a decline of about $4,000 in Bitcoin (BTC), the market began to wonder what was next. The sharp decline in BTC is also reflected in altcoins.
Bitcoin Dropped to $40,400
With the decline that we mentioned occurred at night, BTC fell to $40,600, after which we see a rapid recovery. The reaction to the sharp movement in BTC, which fell by about $4,000, raised the price of BTC to $42,371 at the time of writing.
Sharp price movements led to the liquidation of $97 million worth of short and long-focused positions in Bitcoin, according to Coinglass data. In Ethereum, the liquidated amount was slightly above $80 million.
