Bitcoin‘s price soared above $66,000, coming close to hitting $67,000 momentarily before experiencing a sharp decline. Unfortunately for bullish investors and traders, this sudden drop left them with substantial borrowed funds at risk, resulting in over $200 million in losses on that day.
But let’s not forget about altcoins. Many of them dropped even more than Bitcoin did.
Last week saw significant volatility in Bitcoin’s price. The cryptocurrency dipped below $60,000 on two occasions due to geopolitical tensions between Iran and Israel. However, once Iran announced a pause in their actions, Bitcoin recovered and climbed back up to approximately $65,000 following the latest halving event.
Bitcoin’s value surged past $67,000 on Tuesday and Wednesday. However, this upward trend did not last long as its price plummeted back down to $64,500 by the end of the week. The cryptocurrency continued to slide further, reaching an even lower point under $63,600. Currently, Bitcoin hovers slightly above $64,000 but remains in the red.
These cryptocurrencies including Solana, Toncoin, Dogecoin, Avalanche, and Shiba Inu experienced declines, with some dropping by approximately 7% to 10%.
Approximately 100,000 traders suffered financial losses in the previous day, with a significant number of them having wagered on price increases. The aggregate losses surpassed $213 million, according to CoinGlass’s data.
The unpredictable price fluctuations of Bitcoin and other cryptocurrencies, including altcoins, have resulted in substantial losses for traders due to excessive borrowing. This event underscores the market’s inherent volatility, sparking worries among investors about their readiness for such dramatic price changes.
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2024-04-25 13:08