Shake-up in the crypto market: A wave of selling in Bitcoin and altcoins
The volatility experienced in cryptocurrency markets in recent days has accelerated Bitcoin's loss of value, with the leading crypto asset falling back below 88 thousand dollars.
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The price of Bitcoin was trading at approximately 87,800 dollars during US hours on Sunday, marking a 2 percent decline over the previous 24 hours. As of Monday morning, Bitcoin was trading at 87,409 dollars.
Major cryptocurrencies also took a hit from this pullback, which was not limited to Bitcoin alone. According to data shared by CoinDesk, the price of Ether fell to 2,880 dollars. Solana, XRP, and Cardano also saw losses between 3 and 5 percent during the day. Consequently, most leading crypto assets have generally shown significant declines over the past week.
The resulting price pressure also brought about large-scale liquidations in the futures market. CoinGlass data points to a total of 224 million dollars in liquidations over the last 24 hours, predominantly in "long" positions. It was noted that 68 million dollars of this figure occurred in Bitcoin futures and 45 million dollars in Ether futures.
Analysts emphasize that the activity occurring over the weekends is generally attributed not to new news, but to investors readjusting their positions following high volatility during the week.
Furthermore, it is reported that expectations of intervention regarding the Japanese yen and concerns surrounding this are being closely monitored in global markets, following a warning issued by Japanese politician Sanae Takaichi regarding "abnormal" developments in financial markets.