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Crypto Market Notices Over $600 Million in Liquidation As BTC Falls Below $25,000

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As of December 2020, the price of BTC has dropped to around $25,000. Recently, the same thing happened in the crypto market. As a result, most altcoins are experiencing price drops. result in liquidation worth more than $600 million.

BTC Price Review in June

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BTC looked promising at the dawn of June, hitting a sell price of over $32,000, the highest of the entire week. A few hours later, there was a sudden drop in prices, bringing its selling price to around $30,000. Despite several attempts to break beyond this price, Bitcoin was only able to stay slightly below it.

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This continued for several days until the end of the first week of June. However, before the end of the period, the price finally rose to the coveted $30,000. The incident created a green band that broke the longest band of nine consecutive bearish candles in a week.

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This caused its price to skyrocket, adding $1,000 to its original price. At the time, the asset was sold for over $31,000. Moreover, its market capitalization was approximately $600 billion, dominating other coins by more than 46%.

Bitcoin Drops Below $25K, Liquidating $600M

There have been many changes in the cryptocurrency market over the past seven days. As of last week, the price of bitcoin was reported to have risen to over $32,000. Somehow, BTC was unable to hold this price. Thus, his sale price was reduced by about several thousand dollars, and the sale price was below $25,000.

The bearish trend started over the weekend and BTC is currently trading at just under $23,000. This is the first time in the last 18 months that BTC has experienced such a price drop.

Cryptocurrency Market Marks Over $500M Liquidations as BTC Drops Below $25,000
BTC plummets below $25k | Source: BTCUSD on TradingView.com.

Moreover, the bearish price action also affected important coins such as Ethereum. Until now, based on a week ago, the price of ETH was approximately $2,000. However, based on the current state of the cryptocurrency market chart, ETH is trading at a price above $1,200. This is the all-time high of Ethereum in 2018, the second largest cryptocurrency in the world.

Altcoins have fallen in price

The bearish price trend of bitcoin is already affecting the rest of the altcoins. With BTC dropping 10-11%, many altcoins are dropping by double digits, making the cryptocurrency market red. Altcoins affected by the crypto market: Eth, ADA, SOL and others.

Suggested literature | Ether falls below $1,400 due to US inflation and difficulty bomb failure

The red depth is great for TRON as it has dropped 21% in 7 days. However, the gross savings in liquidations due to the bearish trend in the market is up to $500 million.

Featured image from Pexels, chart from TradingView.com



Credit : www.newsbtc.com

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