As the price of Bitcoin dropped below $61,000 in just 24 hours, people bought and sold almost $200 million worth of bitcoin. The quick drop led to a lot of people selling their stocks, which hurt many traders and buyers.
The value of the market as a whole fell by 2.7%, to about $2.34 trillion. This shows that the market is very unsteady and under a lot of stress.
BTC took the most damage. In the past week, it lost 1.3% of its value, and in the past day, it lost 2.8%. As a result of the economic slump, investors lost a lot of money when they had to sell their investments.
Bitcoin Market Sentiment Analysis
Coinglass data shows that the effects were felt by many, with a total of 59,816 sellers going bankrupt and $170.72 million lost. Long-term contracts caused most of these liquidations. This shows that a lot of people thought the market would go up.
Platforms like Binance, OKX, Huobi, and Bybit that were very important lost the most money in these liquidations. One example is Binance, which lost $74.77 million. Next came OKX, Huobi, and Bybit, with $54.29 million, $19.28 million, and $12.93 million the following days. All of these things show that the attack affected all of the big trade platforms.
A lot of people are still positive about Bitcoin’s future, even though the market is down. A well-known figure in the crypto community named PlanB said that the bull market is still going strong, citing stable on-chain measures that don’t show long-term bearish trends.
According to Ali, a crypto expert, the current drop in Bitcoin prices could be a good time to buy because he believes it will go up again. Ali said this on Elon Musk’s social media site X.
Samson Mow, a strong supporter of Bitcoin, talked about how it could fix basic economic problems and how changing the way funds works could help the economy get better as a whole.
These different points of view show that Bitcoin can not only get better, but also change the way money works.
