The cryptocurrency market has experienced a surprising withdrawal of almost 3% while Bitcoin (BTC) has briefly reached a price of all time of $ 112,000. Meanwhile, another cryptocurrency such as Ethereum, XRP, Solana and Dogecoin experienced a drop from almost 3% to 5%.
So, what reduces this cryptography market?
Bitcoin drop starts the slide
Bitcoin, the largest and most popular cryptocurrency, saw its price drop by 2.6% in just 24 hours. After reaching $ 112,000, he slipped to around $ 108,460. Although it does not seem to be a huge drop, it had a strong impact on the market.
What triggered this drop was to take advantage of. Many investors who bought Bitcoin chose to sell earlier once he reached the new summit. This led to a wave of sales and lowered prices.
It is a current decision on the market when people want to get their profits after a large gathering.
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More than $ 500 million in liquidations
The drop in the market has also triggered massive liquidations. In the past 24 hours, more than 163,000 traders have lost their positions, adding to $ 544 million in Total liquidations.
A single exchange worth $ 9.5 million was liquidated on OKX. Long traders, which bet on the rise in prices, lost more than $ 400 million.
Altcoins strikes even stronger
While Bitcoin has dropped, other pieces have dropped even more, Ethereum, the largest Altcoin dropped by $ 2,541. Meanwhile, XRP, Solana, Cardano and Tron have also undergone losses between 1,% and 4%. These parts generally follow the Bitcoin movement, and this time was not different.
Even the same as Dogecoin and Shiba Inu took a solid blow. Consequently, Dogecoin dropped by 3.9%, Shiba Inu by 3.5%, and a token on the theme of Trump fell sharply by 13%.
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The benefit is when investors sell their assets after an increase in prices to guarantee their earnings, often leading to temporary market withdrawals.
The use of investors who bought Bitcoin at lower prices, selling after reaching a new summit, triggered the drop in prices.
Altcoins, including Ethereum, XRP, Solana, Cardano and even mecoins like Dogecoin and Shiba Inu, have suffered greater decreases (3% to 13%) than bitcoin.