As the crypto market enters the week of the Federal Reserve’s interest rate decision, Bitcoin (BTC) experienced a sudden decrease.
Within a one-minute timeframe, Bitcoin’s price plummeted by $700, bringing it closer to the critical $29,000 level once again.
This unexpected dump raised concerns and nervousness among investors, who were closely monitoring the cryptocurrency’s performance.
At present, the cause of the drop remains unknown, and there is no specific news source attributed to it. However, what’s evident is that the rapid decline triggered a significant surge in liquidations.
Within the same one-minute period, approximately $30 million worth of positions in Bitcoin were liquidated, with the total liquidation across altcoins reaching $85 million.
The market is now eagerly awaiting further details and clarity on the reasons behind this sudden downturn. It is unclear whether the decline is related to the liquidation of existing positions or if certain individuals had prior knowledge of important news affecting the market.
Judith Faith has been writing about cryptocurrencies and blockchain technology for over five years. She is well versed in the industry and has an extensive network of industry contacts. She is also a frequent contributor to various cryptocurrency publications. With her vast knowledge and experience, she is able to provide insightful and valuable content to her readers. Judith is also an active investor in the cryptocurrency space and has a vested interest in the success of the industry.
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