Crypto News: Bitcoin Price Plunges Below $69,000 in Sudden Decline
The cryptocurrency market is abuzz with talk of a sudden downturn in all tokens, spearheaded by Bitcoin. But what caused this unexpected drop?
The Bitcoin (BTC) price saw a 3% decrease in value within minutes, hitting a low of $68,500. Speculation points to a live event hosted by RoaringKitty, a prominent influencer in GameStop shares. The live broadcast, attracting around half a million viewers and airing on major financial networks like CNBC, saw GameStop shares plummet, resulting in the influencer’s holdings dropping to $235 million. These shares are akin to memecoins in the crypto realm.
Data reveals a significant liquidation of approximately $300 million in the crypto market within the past hour, with $285 million coming from long positions and the remaining from short positions. Notably, a substantial portion of the liquidations involved other altcoins such as Bitcoin, Ethereum, Dogecoin, and Solana.
The majority of liquidations seem to have occurred in lower market value memecoins, with Bitcoin’s liquidation amount capped at $44 million.
*This article does not provide investment advice.
For trading in over 300 cryptocurrencies, you can sign up on Binance exchange with a 20% COMMISSION DISCOUNT through this link! Be sure to follow our Telegram and Twitter accounts for exclusive news, analysis, and on-chain data updates!
