Correction in Bitcoin (BTC) Price: Below $41,000!

Bitcoin, which has been on the rise for 8 weeks, started the new week with a decline.

Daily losses in BTC, which dropped to $ 40,500, exceeded 5 percent. BTC, which is currently trading at $ 41,900 with a recovery, moved the entire cryptocurrency market downwards.

Cryptocurrency Market Witnesses Sharp Decline, Liquidations Exceed $283 Million

Although it is said that this decrease was made to liquidate the whales taking long positions on the Bitmex exchange, the exact reason for the decrease is unknown.

Here are the highlights of the latest market movement:

Ethereum (ETH) Dropped Over 5%

Ethereum, one of the leading cryptocurrencies, witnessed a decline of over 5% in the last hour. The decline in ETH’s value reflects the general bearish sentiment prevailing in the market.

Common Drops Among Altcoins

Many altcoins have faced significant losses in the last 24 hours. Tokens such as FLOW, CRO, APETHETA, XTZ, NEO, TON, KAVA and PYTH recorded declines exceeding 10%. The broad-based nature of the decline indicates a market-wide correction.

Total Liquidation Exceeds $283 Million

Market turmoil caused total liquidations to exceed $283 million within an hour. Investors and traders faced challenging conditions due to increased volatility in the market.

Long Orders Liquidated:

Long orders, reflecting investments in the upward movement of assets, encountered significant liquidations reaching $271 million. Liquidation of long positions may indicate widespread selling pressure and a change in market sentiment.

The latest market movement underscores the inherent volatility of the cryptocurrency space. While digital assets have gained widespread adoption and interest, their prices remain subject to rapid and significant fluctuations.

*This is not investment advice.