The world’s largest cryptocurrency, Bitcoin, fell below $90,000 today, but quickly rebounded and is currently trading around $92,500 as of the time of writing.
The cryptocurrency reached its lowest point of the day at $89,256, but then saw a 4% increase in value.
However, Bitcoin continues to experience high volatility, with major price fluctuations occurring within minutes. The reason for this increase in volatility is unknown, but it is possible that the market is reacting to Donald Trump’s assumption of the presidency on January 20th, leading to a “sell-the-news” type of development.
Despite the recent increase in Bitcoin’s price, it is still trading 2.81% lower than its price 24 hours ago.
The increase in volatility has also triggered a significant wave of liquidation in the cryptocurrency market. Data shows that $705 million worth of assets were liquidated in the past 24 hours. Interestingly, the majority of these liquidations did not occur in Bitcoin, but rather in Ethereum, totaling $171 million.
*This article does not provide investment advice.
