Bitcoin and altcoins kicked off the new week with a substantial drop in prices, continuing the downward trend from the previous week. Bitcoin, which had reached an all-time high of over $73,000 in March, started the week in the red, falling below $63,000 in the morning hours to reach $62,170.
Analysts attribute this decline to a combination of factors, including large sales by Bitcoin miners, the German government transferring a significant amount of BTC to exchanges, and overall negative market sentiment. The impact of this decline was felt across the board, with major altcoins like Ethereum (ETH) dropping to $3,350.
In the last 24 hours, ETH decreased by 3.7%, while other top altcoins like BNB, SOL, XRP, TON, DOGE, and ADA also experienced losses ranging from 3.2% to 7%. Some altcoins saw even larger declines, with WIF dropping by 13.5%, ZRO by 13.4%, and PENDLE by 10%. The only altcoin to see a slight increase was LEO, which rose by 0.5% in the last 24 hours.
As prices tumbled, investors holding long positions found themselves in a difficult position, with a total of $162.9 million liquidated in crypto futures in the past 24 hours. The majority of these liquidations, $154 million, were from long positions, while only $8.8 million came from short positions. A total of 69,396 investors were liquidated, with the largest liquidation occurring in the XBTUSD (Bitcoin) transaction on the BitMEX exchange.
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