Liquidations cross $100 million mark as Bitcoin’s value falls by $1.5000
Bitcoin falls by $1,500 in the last 24 hours, resulting in the liquidation of over a hundred million from the market
- Bitcoin falls sharply and goes to the lowest price value in the last three weeks
- Bitcoin drowns all altcoins with it
- Liquidations hit over a hundred million when bitcoin falls
- Bitcoin’s fate controls the market
Bitcoin down to its lowest value in the last three weeks
We all know that; Bitcoin is the cryptocurrency with the highest market capitalization worldwide. We also know that; Bitcoin is actually the model used to represent the entire cryptocurrency industry and also the digital asset industry in a broader perspective.
From the last three weeks, the cryptocurrency has lost its value, which has created a lot of panic in the market. According to the reports, the cryptocurrency was already witnessing some kind of pressure as it fell to a weekly low of around $23k. But as the days went by, the value of the cryptocurrency fell even more, trading at around $21.5k at its lowest. Although the cryptocurrency managed to rally a bit, it was still trading at a lower value of $22k compared to its value in the last three weeks.
Bitcoin’s influence on other cryptocurrencies
Credit: Nasadaq
Ethereum is struggling around $1.7k and is down at least 5%. The remaining alternative stocks with larger companies have fallen by higher percentages, often by double digits. Up to 15% of the value of Cardano, Solana, Dogecoin, Polkadot and many others have been lost in a few hours.
Bitcoin’s fall triggers liquidation scares
As the value of bitcoin fell, investors in the market panicked and began liquidating their holdings. According to the reports, it is believed that around one hundred million dollars were liquidated in the last 24 hours.
The effect that bitcoin’s fall has on the market is enormous. Some of the statistics reported that every day around 400 million dollars were liquidated from the market.
Bitcoin’s fate controls the market
The observation would be accurate that bitcoin singlehandedly controls the fate of the market. When the market crash in May happened, the value of bitcoin was felt by 70%, which meant that the market crash was about to be prolonged, which in reality is still happening to this day. Also in today’s case, just as bitcoin’s price fell, liquidations skyrocketed, panicking the market even more.
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What do you think about Bitcoin’s control over the entire market? Do you think it is appropriate for one cryptocurrency to be so dominant over the market? Share your thoughts in the comments section below.
