The cryptocurrency market is witnessing a sudden decline again, led by the world's largest cryptocurrency, Bitcoin.
The BTC price has dropped by approximately 1.70% in the last hour and is trading at $56,756 at the time of writing. BTC, which experienced a recovery yesterday, reached the $62,000 mark but failed to hold on there.
In the decline rates in the last hour, Ethereum and other altcoins recorded slightly sharper declines than Bitcoin.
Possible reasons for the decline include a mix of factors such as the failure of inflation data from the US to meet expectations, geopolitical risks, the Mpox virus entering the world agenda, and the withdrawal of Bitcoin Spot ETF option applications by US stock exchanges.
Data shows that $200 million worth of cryptocurrencies were liquidated in the last 24 hours. $168 million of this was in long positions. On the other hand, the largest portion of liquidations occurred in Ethereum with $67 million.
Following the decline, one of the well-known names in the cryptocurrency market, analyst il Capo of Crypto, also released a statement. il Capo claimed that in his opinion, “a bounce is imminent.”
*This is not investment advice.
