Cryptocurrency news

Bitcoin price drops below $ 59,000

On Wednesday morning, the price of Bitcoin fell to $ 58,100, shedding thousands of dollars in value and collapsing in one of the biggest declines since October 15, according to Reuters.


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Although it hit an all-time high of $ 67,016 on Tuesday, the world’s number one crypto fell 3.7% on Wednesday.

The overall global cryptocurrency market fell below $ 2.5 trillion, down this week by more than $ 200 billion.

Other cryptocurrencies like Ethereum, Binance Coin, Cardano, Solana and Ripple have also seen their prices drop by as much as 15%.

Bitcoin’s price collapse was likely triggered by long-term Bitcoin investors who rallied profits after seeing Bitcoin’s record price and liquidating their positions. Panic selling is common among investors after a sudden drop in prices. Experts expect more sales in the coming period, as Bitcoin drops below its 20-day moving average.

On Wednesday, the total number of Bitcoin long liquidations was the highest since September 20, reaching $ 700 million, according to Bybt.com.

“The fall in prices is fueled by sellers, who seem to act simultaneously by taking profits on their investment,” said Petr Kozyakov, co-founder of the global payments network Mercuryo. Bloomberg.

However, October is still likely to end as one of Bitcoin’s strongest months this year, with Reuters already reporting that October saw almost 35% growth in the value of Bitcoin.


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