Bitcoin’s Sudden Plunge: What’s Behind the $200M Liquidation?

The cryptocurrency market has taken a dramatic turn in the past hour, with Bitcoin’s price plummeting below $70,000. This sudden drop has resulted in close to $200 million worth of liquidated positions, according to data from Coinglass.

Bitcoin’s price takes a sudden hit

As seen in the chart above, the move was relatively sudden, completing a decline of around 2.5% in the past few hours. This drop is not specific to Bitcoin, as virtually all of the leading altcoins are also crashing. Binance Coin is down 3% over the past hour alone, while DOGE dropped by more than 6%. Ethereum lost 3% as well, XRP – around 4%, and Solana – about 3.6%, and so forth.

“The cryptocurrency market has taken a u-turn in the past hour, with the majority of coins dropping considerably.”

This sudden drop has resulted in considerable liquidations across leveraged long positions, which currently amount close to $200 million, according to data from Coinglass.

The cryptocurrency market takes a hit

The market’s sudden downturn has left many wondering what’s behind this sudden plunge. As the market continues to fluctuate, one thing is certain – the cryptocurrency market is full of surprises.