Bitcoin slides to a 6-week low of under $55k in just a few hours. The rest of the crypto market followed the flagship currency into the slump. The data suggest that hourly liquidation exceeded $300 million.
The Crypto market is all about risk-taking because the speculation of the market can take away all of your investment in hours or a day. You can have all the technical knowledge and experience in trading but a single piece of news can blow all of it away. Yesterday, the flagship currency surpassed the $59k price mark in days and aimed at $60k. BTC has been trying to cross the $60K price mark but it wasn’t successful.
Bitcoin slides to a 6-week low price:
The price of BTC retraced from $59k to $58k and stood there for a while. After that Bitcoin slides to a 6-week low in no time. The price of the flagship currency was down more than $3k in an hour. The primary currency dumped below the $55k price mark for the first time since October 13. There is a rumor that bitcoin slides to a 6-week low due to emerging of a new COVID variant. The whole crypto market started a downward movement.
The second-largest crypto asset saw a decline of 5% in its value. Solana, Polkadot, Dogecoin, Avalanche, CRO, Litecoin, and Ripple have lost even more substantial chunks of value – between 9% and 15% in 24 hours. The data shows that liquidation reached $300 million in an hour and over $600 million on a daily scale.
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