Bitcoin’s price experienced a sharp drop today, and with previous declines, it is poised to close the week down approximately 9%.
The main reason for the decline is thought to be that another US government shutdown is now almost certain by the end of this month.
In addition, US President Donald Trump’s announcement that he will impose hefty tariffs on Canada if it signs a trade agreement with China is also among the factors putting pressure on the Bitcoin price.
At the time of writing, Bitcoin is trading at $86,486, after a 3% drop in the last 24 hours.
Looking at altcoins, the picture is even worse. Ethereum, the world’s largest altcoin, has lost 15% of its value in the last week. Many other altcoins are also seeing double-digit losses.
The decline was accompanied by a wave of liquidations. In the last 24 hours, $619 million worth of positions were liquidated in the cryptocurrency market, with $571 million of that being long positions. The cryptocurrencies that suffered the most liquidations were Ethereum with $182 million, Bitcoin with $176 million, and Solana with $59 million.
*This is not investment advice.
