BTC’s price dropped significantly to $64,000, causing a wave of liquidations that hit many leveraged traders hard, turned the market red.
Money never sleeps
On Monday, BTC experienced a lot of volatility, plunging to a new monthly low of $64,000.
This sudden drop resulted in significant liquidations, particularly for those trading with high leverage. You know who didn’t get rekt?
Long-term holders who are focused on accumulating, on stacking sats rather than trading. They weren’t affected.
The weekend was relatively calm for BTC, as it hovered around $66,000, but ass Monday progressed, BTC briefly spiked to just over $67,200.
The market quickly turned, and the price fell by over $3,000 in minutes, reaching $64,000. The price has since recovered slightly, now sitting close to $66,000.
BTC drops, altcoin apocalypse
The performance of altcoins mirrored BTC’s drop, with many experiencing big price decreases, what is ironic because many altcoins claim to solve BTC’s flaws, yet they tend to follow BTC’s price movements pretty closely.
SHIB and DOGE have both lost around 10% of their value, while SOL, AVAX, LINK, ADA, and DOT have seen declines of 7-9%. ETH also fell to $3,330 before recovering to $3,450.
Trading is risky
This high volatility has been especially tough on traders using high leverage, because higher chance of profits also mean higher chance of losses.
Over 190,000 traders were liquidated in the past day, with the total value of these liquidations exceeding $480 million.
The biggest single liquidation occurred on Binance, amounting to $6.44 million, based on CoinGlass’ data.
Many see trading as a form of gambling due to the unpredictable nature of price movements, despite attempts to analyze market trends with graphs and indicators.
