With Bitcoin dropping below $54,000, the cryptocurrency market crash continues, with other sectors following suit.
This week has been extremely challenging for the cryptocurrency market, marked by large-scale sell-offs pushing most cryptocurrencies to their lowest levels in months.
In particular:
Bitcoin (BTC) fell to $53,700
Ethereum (ETH) dropped below the $3,000 mark.
The total market capitalization declined by 6.95% to $1.98 trillion, indicating a strong bearish sentiment in the medium to short term.
Read more:
Major Reasons Behind Bitcoin’s Drop to $54,000
Panic selling ensued after the German government introduced policies
Commenced
Selling a large amount of Bitcoin from his wallet.
Plan
Mt.Gox dividends and anticipated sell-offs have also exacerbated investor fears.
In the past 24 hours, the peak of liquidations reached $63.769 billion, with long positions totaling $54.051 billion and short positions totaling $9.729 million.
At the time of writing, BTC’s trading price is $54,449, and Ethereum’s trading price is approximately $2,874.
