Crypto Market Back on the Bearish Track – Bitcoin Drops to $64K
The cryptocurrency market is experiencing a notable downturn after Bitcoin recently recovered past $68,000.
Currently, Bitcoin (BTC) is valued at $64,320, reflecting a 2.3% decline in the last 24 hours with a trading volume of $33.77 billion and a market cap of $1.267 trillion.
In the past day, the cryptocurrency market saw liquidations totaling $291.65 million, with $258.32 million in long positions and $33.35 million in short positions. Bitcoin liquidations comprised 28.5% of the total.
READ MORE: Anthony Pompliano Moves Investment from Ethereum to Solana
The Bitcoin community is overwhelmed by fear due to the Mt. Gox repayment plan, which involves distributing billions of dollars in BTC to the bankrupt exchange’s creditors.
On the daily chart, Bitcoin needs to avoid dropping below $64,000 and should aim to regain momentum to rise above the $66,300 and $68,300 marks, which have been significant points of trading activity previously.
Ethereum also registered significant losses after the approval ot spot ETH ETFs.
Currently the biggest altcoin by market cap is trading at $3,180 after a 7.4% decline in the past 24 hours and a $20.95 billion trading volume.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
