• Bitcoin has dropped to its lowest price point since June 21, dipping below $30,000 and reaching a low of $29,000.
• This drop has caused over 50,000 liquidations with a total value of almost $150 million.
• Dogecoin is the only cryptocurrency in the green today.
Bitcoin Dips Below $30K
Bitcoin has dropped to its lowest price point since June 21, dipping below $30,000 and reaching a low of $29,000. This nosedive was triggered by Ripple’s partial court victory against the SEC two weeks ago when BTC and the rest of the market soared to new multi-year peaks. However, this rally was short-lived and BTC slipped back down to its current range between $30k -$30.5k.
High Volatility Harms Traders
The increased volatility has caused significant harm to over-leveraged traders as more than 50,000 positions have been liquidated with a total value just shy of $150 million on a daily scale. Most liquidations were from long positions with the largest taking place on OKX. Other cryptocurrencies like XRP have also suffered heavy losses dropping nearly 7% in one day and sitting below $0.7 while Dogecoin is the only coin in the green today which may be fueled by recent developments at Twitter.
BTC Reaches Monthly Low
This dip marks BTC’s lowest price point since June 21 shortly after BlackRock filed for a spot BTC ETF causing it to leg up above 30k. With bitcoin sliding further south other larger cap altcoins like LINK XLM ICP TONCOIN are following suit losing even more value as compared to bitcoin itself due to their heightened volatility .
Ripple’s Partial Court Victory
It was less than two weeks ago when Ripple had won partial court victory against the SEC which leds BTC soaring higher along with all other markets reaching new all time highs but unfortunately these gains could not be maintained and now prices are dropping lower once again .
Overall it appears that bitcoin’s dip back under 30k has caused significant damage for traders who have been leveraged heavily leading to over 50 000 liquidations totaling almost 150 million USD worth of assets being lost in one day . While most altcoins have followed suit dogecoin remains in positive territory perhaps due to recent developments at Twitter .