The bears just don't seem to be buying it: Crypto markets have tumbled over the past hour, sparking more than $100 million in liquidations and wiping out most of the gains made early today.
Bitcoin price drops to $59,000
As CryptoPotato As reported earlier today, BTC price hit a six-day high mid-morning, climbing above $61,000, stoking hopes that bulls were regaining momentum, but this does not appear to be the case.
As can be seen in the chart below, it took the sellers a few hours but they rallied again and then managed to conjure up two aggressive red candlesticks, pushing the price towards $59,000 – roughly where it was before today’s upswing.
The move led to the liquidation of many leveraged positions: about $130 million was wiped out in the past 24 hours, with almost half of that lost in the past two hours.
The entire cryptocurrency market also fell.
The sudden crash is not limited to BTC: the entire market has been in the red over the past hour, with most cryptocurrencies trading at close to break even on the day.
What the reason for this sudden relocation was is still unknown as there is no apparent cause at the time of writing.
As previously reported, trading volume for Bitcoin spot exchange-traded funds fell to a six-month low, suggesting a decline in demand for the product.
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