Bitcoin (BTC) Drops 7.5% within 24Hrs as Liquidations Surge to $55.81M

Bitcoin marketplace saw a short-lived upsurge again amid market volatility. The leading cryptocurrency lost nearly 7.5% within the last day to close below the $40K. While publishing this article, BTC traded at $39,175.

Bitcoin Witnesses Massive Liquidations

The market slump had futures investors in pain. Coinglass data shows BTC futures liquidations within the previous 24 hours surpassed $81 million. Moreover, liquidations worth around $55.81 happened within an hour during the past day.

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Bitcoin’s current actions have almost retested prices plus the market capitalization to yesterday’s zones. Bitcoin climbed by nearly 10% over the past day to touch the intra-day peak near $42,300. The upswings had BTC’s market capitalization reclaiming the $800 billion mark.

Bullish actions yesterday came amid optimistic news about the White House ensuring an enhanced atmosphere for the crypto market. However, today’s plunge had Bitcoin’s market capitalization dropping lower towards $746 billion again. Some technical analysts predicted current price conditions amid market euphoria.

CryptoCapo, a market expert, stated that the market maintained a bearish outlook despite the rebound past $40K. Also, AltCryptoGems told his more than 160K Twitter followers that BTC’s failure to climb past $42.8K resistance would trigger downswings towards $37.2K.

How Other Assets Responded

The overall cryptocurrency markets suffered downside corrections as Bitcoin endured plummets. The global crypto market capitalization stands at $1.75 trillion, following a 4.6% drop within the previous 24 hours.

Alternative coins, including Binance Coin, Ethereum, Terra, and XRP, traded in the red on Thursday. Ethereum, the 2nd-largest digital currency, lost approximately 5.13%, changing hands around $2.5K at this publication.

Nevertheless, market participants appear to retain long-term bullish views on the cryptocurrency market. Bitwise CEO Matt Hougan told CNBC he expects the crypto space to witness a new bullish cycle following Biden’s executive order on cryptocurrency.

Furthermore, BTC and other cryptos have witnessed accelerated adoption regardless of skeptics’ misgivings. Binance CEO Changpeng Zhao emphasizes that the industry is here to stay. Moreover, the Ukraine-Russia conflict had crypto proving vital amid crisis.

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