The cryptocurrency market will not end this week on a high note. This is quite the opposite, as Bitcoin and all the top altcoins dropped significantly in price over the past few hours.

Bitcoin rose from around $71,000 to under $69,000, while Ethereum fell from around $3,850 to under $3,700. All other top altcoins are also down around 10%.

According to cryptocurrency data provider Watcher Guru, approximately $300 million has been liquidated from the cryptocurrency market in just the past 60 minutes. This shows that investors quickly sold off their positions.

JUST IN: $300 million liquidated from crypto markets in the last 60 minutes.

— Watcher.Guru (@WatcherGuru) June 7, 2024

There could be a few reasons behind this sell-off. Some investors may be taking profits after the recent price increase. Others may be spooked by potential regulatory crackdowns (though there aren't any obvious crackdowns currently).

However, Michaël van de Poppe, an elite cryptocurrency analyst, does not seem too worried about the downturn. In a recent tweet, he acknowledged the significant market correction as altcoins dropped 10-20%. Although he has invested heavily in altcoins, van de Poppe said he has no plans to sell.

For investors with cash on hand, van de Poppe said these price drops could present buying opportunities.

Significant correction in the market.#Altcoindropped 10-20%. Yes, I am passionate about altcoins and I feel it too. Do I sell? Are not. If you have liquidity, these declines are opportunities for you.