Bitcoin Plummets to $64,000 Monthly Low Amid Market Volatility, Over 190,000 Traders Impacted

full version at en.coinotag

Bitcoin experienced significant volatility on Monday, plunging to a new monthly low of $64,000.
Altcoins also saw substantial fluctuations, leading to the liquidation of over 190,000 traders in a single day.
Despite some recovery, major cryptocurrencies like SHIB, DOGE, and ETH suffered notable losses.

Bitcoin plummets to $64,000, causing a wave of liquidations across the crypto market.

Bitcoin and Altcoins Face Significant Volatility

The last 24 hours have been tumultuous for Bitcoin and other cryptocurrencies. Bitcoin, which had maintained a stable weekend around $66,000, faced a sharp decline on Monday night. After hitting a local high of over $67,200, a sudden bearish wave wiped out more than $3,000 from its value, sending it to a new monthly low of $64,000 on Bitstamp. Although it managed to recover slightly, trading at approximately $66,000, the sudden drop impacted investor sentiment.

Altcoins Follow Suit with Substantial Losses

Altcoins mirrored Bitcoin’s dramatic price movements. SHIB and DOGE saw declines of around 10%, while other significant assets like SOL, AVAX, LINK, ADA, and DOT experienced drops of 7-9%. Ethereum (ETH) also took a hit, falling to $3,330 before bouncing back to $3,450. The widespread market downturn resulted in extensive losses for digital asset holders.

High Volatility Causes Mass Liquidations

The extreme market volatility led to significant financial repercussions for leveraged traders. Over 190,000 traders were liquidated in a single day, with the total value of liquidated positions exceeding $480 million. The most substantial single liquidation event occurred on Binance, involving a $6.44 million ETH/USDC order, highlighting the risks associated with high leverage in a volatile market.

Implications for Crypto Investors

Crypto investors face a rapidly changing landscape with these sudden market shifts. While some assets show signs of marginal recovery, the overall sentiment remains cautious. Analysts emphasize the need for prudent risk management and advise against excessive leverage. The recent volatility serves as a stark reminder of the unpredictable nature of the cryptocurrency market.

Conclusion

The drastic fluctuations in Bitcoin and altcoin prices have underscored the inherent risks in the crypto market. With over $480 million liquidated in one day, the potential for significant financial loss is evident. Investors are encouraged to remain vigilant and apply effective risk mitigation strategies to navigate future market turbulence.