In recent hours, volatility in the cryptocurrency market has increased significantly and sharp declines have occurred.
As a result of increased volatility in Bitcoin, Bitcoin fell below $83,000 and fell to $82,000, according to Binance data.
Bitcoin (BTC) price fell to $82,000 for the first time since April, with losses reaching 10% in the last 24 hours.
Losses also increased in Ethereum and altcoins, with Ethereum (ETH) falling by over 10% to $2,700.
XRP fell 9% to below $2, BNB fell 8.3% to $830, and Solana (SOL) fell 11% to $127.
Due to this sudden drop in Bitcoin and altcoins, large positions were liquidated in the futures market.
According to Coinglass data, futures liquidations in the last hour have almost reached $1 billion.
Accordingly, $913 million was liquidated in long positions in the last hour, while $21 million was liquidated in short positions.
With this drop, the probability of BTC reaching $80,000 in November has increased to 58% on Polymarket.
Solana Lost Its Turn to USDC!
With this decline, Solana (SOL) fell to 7th place in the cryptocurrency market capitalization ranking.
Accordingly, Solana’s market value was $71.2 billion, while USDC rose to 6th place in the ranking with a market value of $73.8 billion.
*This is not investment advice.