Just a few hours ago, bitcoin’s price was close to breaking above $96,000, but the bears took complete control of the market, and the asset dumped to its lowest level since November 26.
The altcoins are in a state of freefall as well, with ETH beneath $3,100 and XRP under $2.4, while ADA, SUI, and many others have plummeted by double digits.
The past week didn’t go well for the primary cryptocurrency, despite its positive start when it jumped above $100,000 on Monday and beyond $102,000 on Tuesday. In the next 48 hours, though, BTC slumped by more than ten grand and dropped to $91,250 (on Bitstamp) on Thursday.
The bulls finally managed to intervene at this point and didn’t allow further declines. Just the opposite, bitcoin started to recover some ground and jumped toward $96,000 on a couple of occasions.
The last such attempt came earlier this morning, but it saw zero success. BTC was rejected almost immediately and pushed south to $93,000, as reported earlier.
The landscape has worsened since then, with bitcoin dumping below $91,000 minutes ago for the first time since late November. In fact, the cryptocurrency went to $90,700, which became a nearly two-month low.
The altcoins have suffered badly as well. Ethereum is under $3,100 after a 6% daily correction. A similar price drop for XRP has taken it to under $2.4. More painful price drops are evident from the likes of ADA, SOL, SUI, AVAX, LINK, SHIB, XLM, ICP, AAVE, and many others.
This massive volatility and correction has liquidated over 200,000 traders in the past 24 hours. The total value of wrecked positions is up to nearly $500 million within the same timeframe. The largest single position took place on Binance and was worth north of $8 million.
Read the full article here