Crypto Market Notices Over $600 Million in Liquidation As BTC Falls Below $25,000
14 Juni 2022 - 9:34AM
NEWSBTC
As of December 2020, the price of BTC dropped to about $25,000.
Recently, the same occurrence took place in the crypto market. As a
result, most altcoins are experiencing a price plunge, resulting in
over $600 million in liquidation. Rundown Of BTC Price In June BTC
looked promising at the dawning of June, hitting a selling price of
over $32,000, being its all-week high. Hours later, there was a
sudden slump in prices, bringing its selling price to around
$30,000. Despite several attempts to push beyond this price,
Bitcoin could only remain slightly below it. This went on for days
until the end of the first week of June. However, before the end of
the period, the price finally rose to the coveted $30,000. The
occurrence created a green bar that broke past the longest bar of
the nine successive weekly bearish candles. Suggested Reading
| Dogecoin Shed 91% Of Its Value Since 2021 High – A Musk
Tweet To Pump DOGE? This led to a drastic increase in its price,
having an additional $1,000 to its initial price. At the time, the
asset sold for more than $31,000. Moreover, its market
capitalization was approximately $600B, dominating the other coins
by over 46%. Bitcoin Drops Below $25K, Liquidating $600M In the
last seven days, there have been many changes to pick out in the
crypto market. It was reported that as of last week, the price of
Bitcoin surged to over $32,000. Somehow, BTC failed to retain this
price. As such, its selling price retarded by some few thousand
dollars, selling at a price lower than $25,000. The bearish trend
began last weekend, and currently, BTC sells at a price just below
$23,000. This is the first time in the past 18 months since BTC
experienced a similar price drop. Moreover, the bearish price
movement has also affected significant coins like Ethereum. Before
now, drawing from a week ago, the price of ETH was approximately
$2,000. However, from the current state of the crypto market chart,
ETH sells for above $1,200. This is the all-time high of Ethereum
in 2018, the second-largest cryptocurrency in the world. Altcoins
Plunged In Prices The bearish trend of the Bitcoin price is already
affecting the rest altcoins. As BTC drops by 10% to 11%, many
altcoins fall by double-digits, turning the crypto market red. The
crypto market’s affected altcoins are Eth, ADA, SOL, and more.
Suggested Reading | Ether Drops Below $1,400, Pummeled By US
Inflation And Difficulty Bomb Setback The red deep is large for
TRON, as it’s down 21% on a 7-day basis. However, the gross
accumulation in liquidation due to the bearish trend in the market
sums up to $500 million. Featured image from Pexels, chart from
TradingView.com
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