Bitcoin attempted to breach the crucial $70,000 support level last night but encountered significant resistance, resulting in a sharp pullback of over $2,000 within an hour. This downward movement caused a substantial $80 billion loss in the total cryptocurrency market value, affecting various altcoins.
Bitcoin’s Drop Creates Ripple Effect
The futures market saw a surge in liquidated positions, reaching approximately $170 million daily. Despite a positive start on June 10, Bitcoin’s price dynamics were lackluster over the weekend. The asset briefly traded at $70,000 against psychological resistance but quickly reversed course, dropping to $67,500, its lowest level since June 3. The market capitalization fell to $1.335 trillion, according to CoinGecko data.
As Bitcoin faltered, bearish forces prevented any decisive gains. The rapid price drop resulted in substantial market losses, underscoring the volatility and unpredictability of the cryptocurrency market.
What’s Happening in the Crypto Market?
Altcoin projects were not spared from the downturn. Ethereum, for instance, fell by 3.5% to $3,560. Other popular altcoins like SOL, DOGE, TON, SHIB, and LINK also experienced similar declines. Binance Coin, which had performed well the previous week, plummeted by more than 7% within the last 24 hours, falling below $620.
Recent projects such as NOT, W, JSMY, and BRETT saw even steeper declines, ranging from 10% to 19%. The total value of liquidated positions in the futures market reached up to $170 million daily, impacting over 75,000 investors.
Concrete Takeaways for Investors
– Bitcoin faced significant resistance at $70,000 and dropped over $2,000 within an hour.
– Altcoins, including Ethereum and Binance Coin, experienced notable declines.
– The futures market saw $170 million in liquidated positions, affecting over 75,000 investors.
– Ethereum had the largest liquidation position, exceeding $6.5 million through Binance.
The recent market downturn highlights the inherent risks and volatility within the cryptocurrency space, urging investors to proceed with caution.