With Bitcoin dropping below $54,000, the cryptocurrency market crash continues, with other parts of the market following suit.
This week has been particularly challenging for the cryptocurrency market, marked by widespread sell-offs pushing most cryptocurrencies to their lowest levels in months.
Specifically,
Bitcoin (BTC)
fell to $53,700
Ethereum (ETH)
dropped below the $3,000 mark.
The total market capitalization fell by 6.95% to $1.98 trillion, indicating a strong bearish sentiment in the medium to short term.
Read more:
The main reason Bitcoin price dropped to $54,000
Panic selling began after the German government introduced policies
Started
Sell large amounts of Bitcoin from his wallet.
Plan
The dividends of Mt.Gox and expected sales also exacerbated investor fears.
In the past 24 hours, the peak liquidations reached $63.769 billion, with total long positions amounting to $54.051 billion and total short positions totaling $9.729 million.
As of the time of writing, BTC’s trading price is $54,449, and Ethereum’s trading price is approximately $2,874.
