Bitcoin, and the rest of the market, went through an absolute roller-coaster in the past 24 hours. BTC plummeted to its lowest level since January at $30,000, but it recovered $10,000 in less than a day. The altcoins suffered as well with ETH dipping below $2,000, BNB beneath $300, and so on.
Bitcoin’s Wild 24H Ride
No boring days in crypto, right? The past 24 hours confirmed this, and the primary cryptocurrency led the wild charge. Bitcoin, which was already suffering following negative news from Tesla and China, traded just above $40,000.
At that point, though, the situation worsened fast. In a matter of minutes, the asset’s price plummeted by about $10,000 in one of the steepest corrections to date. The cryptocurrency fell to its lowest price since late January at $30,000.
After this massive drop, the bulls took charge and recovered almost all losses as BTC trades around $40,000 as of writing these lines. Naturally, these enhanced fluctuations caused substantial losses for traders as the liquidations were over $8 billion on a 24-hour scale.
Furthermore, some reports suggested that the over-leveraged positions were to blame for the drop.
Source: Market Watch
