Crypto Market Plunges: Bitcoin Leads Sell-Off
In a significant downturn, the cryptocurrency market cap plummeted by over 6 percent in the last 24 hours, totaling approximately $2.7 trillion. Leading the altcoin market in a notable sell-off, Bitcoin's (BTC) price drop has cooled down previously bullish sentiments.
This downturn has resulted in the liquidation of over $666 million from the crypto market, with long-term traders bearing the brunt of over $531 million in losses. Consequently, many short-term traders have sought refuge in the stablecoin market amidst the volatility. Tether’s USDT, for instance, witnessed a staggering 24-hour rolling trading volume of about $112.7 billion, surpassing the combined volumes of Bitcoin and Ethereum.
Historical Milestone: Bitcoin Hits All-Time High Before Halving Event
In a historic first for crypto bull markets, Bitcoin's price surged past its prior all-time high (ATH) even before the anticipated halving event. The heightened demand for Bitcoin can be attributed to the recent approval of spot BTC ETFs in the United States, significantly influencing the bullish trend. However, industry experts had anticipated a healthy market correction before the halving rally fully kicked in.
According to insights from popular crypto analyst Captain Faibik, Bitcoin's price is poised to dip towards $60,000 in the coming days before rebounding to establish new ATHs.
Sell the News Event: Ethereum's London Upgrade Turns into a Market Correction
Speculations were rife in the altcoin market leading up to Ethereum's London upgrade. However, with the upgrade successfully activated on Ethereum's mainnet on Wednesday, the event swiftly transitioned into a sell-the-news scenario. The market correction, while triggering short-term turbulence, is expected to provide long-term investors with an opportunity to accumulate digital assets at more favorable prices.
Outlook: Correction Allows for Long-Term Investment Opportunities
Despite the recent market downturn, industry insiders remain optimistic about the long-term prospects of cryptocurrencies. The correction is seen as a natural part of the market cycle, offering investors an opportunity to enter or increase their positions in digital assets. With the evolving regulatory landscape and increasing institutional adoption, the crypto market continues to mature, paving the way for sustained growth in the future.
