- Almost $81 million has been liquidated in Bitcoin futures in the previous 24 hours.
- The price of Ethereum has plunged 5.13 percent to roughly $2,500.
Volatility has returned to the Bitcoin (BTC) market with another brief fall. The price of bitcoin fell by 7.5% in the past day, ending at around $39,300, according to CoinMarketCap. Investors in futures contracts have felt the brunt of the market’s demise. According to Coinglass, almost $81 million has been liquidated in Bitcoin futures in the previous 24 hours. More than $55.81 million in liquidations took place in only one hour of the day.
The price and market value of Bitcoin have been almost reset to their prior day levels due to the Bitcoin market movement. Bitcoin surged by over 10% yesterday, hitting an intra-day high of roughly $42,300 in value. The market capitalization also had returned to the $800 billion milestones.
Negative Structure Despite Developments
As a result of the positive news that the White House was working to support “responsive development” in the digital asset area, Bitcoin prices spiked on Tuesday. After today’s plunge, Bitcoin’s market capitalization has now dropped to $746 billion. Analysts seem to have predicted the price action, which was not affected by the market enthusiasm. “CryptoCapo,” a market expert, stated that despite the market’s recent rally above $40,000, it still maintained a negative structure.
The remainder of the crypto market has also seen a downward correction, just like Bitcoin. Compared to the previous day, the crypto market value has dropped by 4.60 percent to $1.7 trillion. The most popular cryptocurrencies, including Ethereum, BNB, XRP, and Terra, are all trading in the negative. The price of Ethereum, the second-largest cryptocurrency, has plunged 5.13 percent to roughly $2,500.
