The cryptocurrency market has fallen sharply previously 24 hours, with the entire market worth falling under $2.5 trillion, down 5% on the day.
This comes in opposition to the backdrop of huge declines in Bitcoin, Ethereum, BNB, Solana, and just about the whole market throughout the board.
Bitcoin plunges to $57,000
As of this writing, Bitcoin is buying and selling round $57,700, down greater than 5% previously 24 hours and basically flat for the week.
As you possibly can see from the chart, BTC has been regularly declining since Monday (July 1), when it peaked above $63,500. The bulls have been unable to take care of shopping for strain, inflicting sellers to step in and drive the value right down to present ranges.
Notably, the current transfer resulted within the unwinding of over $300 million price of positions, the overwhelming majority of which have been lengthy positions.
But it surely’s not simply Bitcoin that’s in hassle.
Altcoins crash, Solana loses greater than 8% every day
The cryptocurrency warmth map is totally coloured purple, with completely no exceptions over the previous 24 hours.
Solana was one of many worst performers, down about 8%. Others on this class embrace LINK (-8.5%), SHIB (-8.6%), PEPE (-11%), and others.
You’ll discover that meme cash are faring worse in comparison with different cryptocurrencies, and that is true for the whole section, as main meme charts have seen double-digit declines.
All in all, the cryptocurrency market continues to crash even on the time of writing, and will probably be fascinating to see how far the bears can push the value down. It seems that all eyes are presently on BTC’s key assist degree at $56,000, so let’s see if this assist degree holds.
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