Here’s Why the Bitcoin Price Crashed by 5.60% Today
Bitcoin, the reigning champion of cryptocurrencies, has shaken the entire crypto realm by witnessing a significant price plummet of 5.60%, landing at $66,000. This sudden dive has left investors and enthusiasts alike scratching their heads, seeking answers behind this startling decline
The ripple effect of Bitcoin’s decline was felt across the crypto sphere, with other major cryptocurrencies like Ethereum also witnessing a downturn, trading at lows of $3,320
The primary driver behind this swift decline appears to be widespread liquidations, notably on major exchanges like Binance. A staggering 121,325 traders faced liquidation within the last 24 hours, collectively losing a whopping $395.10 million
Adding to the uncertainty, recent reports from QCP Capital have revealed a surge in perpetual funding rates on these platforms, soaring to a whopping 77% before abruptly falling. This underscores the rapid shift in market sentiment
Bitcoin’s historic volatility and the looming specter of the April halving have also contributed significantly to today’s sharp decline. Merely weeks ago, on March 14, Bitcoin soared to an all-time high of $74,120, only to nosedive to $66,885, marking a staggering 9% drop in a single day
As it stands, Bitcoin’s price stands at $66,607, reflecting a 4.3% drop over the past 24 hours. Despite this downturn, trading volume has seen a remarkable surge, skyrocketing by a staggering 66.8% to reach $40.5 billion, showcasing the true potential of crypto
