Bitcoin’s price nosedived by six grand in the past day as markets anticipate a highly bloody Monday trading session in traditional finance.
The altcoins have it worse, with even more painful declines. The total liquidations have skyrocketed to $900 million on a daily scale.
It was just several days ago, on Wednesday, when BTC’s price shot up to over $88,000 for the first time in a week. However, things change fast in today’s financial landscape, and Trump’s Trade War, which he labeled as ‘Liberation Day,’ pushed all markets south hard.
Bitcoin dropped to $81,200 on a couple of occasions in the following days but managed to recover some ground ahead of the weekend, and even decoupled from Wall Street on Friday.
However, being a 24/7 tradable asset has its downturns, and investors have initiated another sell-off over the weekend in anticipation of another painful Monday trading session.
BTC stood around $83,000-$84,000 during most of the weekend but nosedived on Sunday evening and during the Monday Asian trading session. Its bottom, at least for now, came at $77,000, which became a monthly low.
The altcoins have plunged a lot harder. The largest of the bunch, for instance, dumped to just over $1,500 – the lowest price tag since October 2023.
XRP has declined by 12% on a daily scale, and has slumped below the coveted $2 support line, which some analysts believe could lead to a drop to $1.2/3.
Double-digit price drops are evident from most larger-cap alts, including LTC, SUI, TRUMP, DOGE, and many others.
The total liquidations for the past 24 hours have skyrocketed to over $900 million, according to CoinGlass. Nearly 300,000 traders have been wrecked within the same period, with the single-largest liquidated positions worth over $16 million.
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