Cryptocurrency Market Plummets as Bitcoin Dips Below $52,400, Largest Drop in Six Months
In the midst of heightened turbulence in global financial markets, Bitcoin experienced significant volatility this morning, dropping to a low of $52,430, marking its most severe decline in nearly six months.
Bitcoin has been on a downward trend since around 10 PM last night, plummeting from the $60,000 level to its current low of $52,430, representing its largest drop in nearly six months. At the time of writing, Bitcoin is trading at $53,474, reflecting a 11.9% decrease in the past 24 hours. (Update at 14:30: Bitcoin briefly fell below the $50,000 mark)
ETH Plunges Further: Ethereum Drops by 22%, Approaching $2,000 and Erasing Yearly Gains
Data from CoinMarketCap indicates that the top ten cryptocurrencies have experienced widespread declines over the past 24 hours, with BNB suffering the largest drop at 16.05%. Other cryptocurrencies such as SOL, XRP, and DOGE have also seen declines ranging from 10% to 15%.
According to Coinglass data, cryptocurrency liquidations across the market have reached $710 million over the past 24 hours, with long positions liquidated at $620 million and short positions at $96.03 million, leading to the liquidation of 191,903 traders.
Wall Street Bank’s Historic Move: Morgan Stanley to Recommend Bitcoin Spot ETF, Potential Inflow of Billions
In a landmark decision, Morgan Stanley is set to introduce a recommendation for a Bitcoin spot ETF through its wealth management division, signaling a potential influx of billions in capital.
Seven years ago today, Bitcoin emerged victorious in the scalability debate with just 15 lines of code, celebrating its independence. Bitcoin has surged past $65,500, while Ethereum has reclaimed $3,200, resulting in liquidations totaling $300 million by over 100,000 traders in the past 24 hours.
