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The cryptocurrency market is one where sharp fluctuations are experienced from time to time. Rapid movements bring significant drops and rises. After a drop that started at 02:00 at night and almost reached $4,000 in Bitcoin (BTC), the market began to wonder what would come next. The sharp decline in BTC has also affected altcoins.
Bitcoin Fell To $40,400
With the decline we mentioned happened during the night, BTC dropped to $40,600, and we see a quick recovery afterwards. The reaction to the sharp movement in BTC, which was approximately $4,000, brought the BTC price up to $42,371 at the time of writing.
Sharp movements in the price led to the liquidation of a position of $97 million focused on short and long in Bitcoin, according to Coinglass data. In Ethereum, the liquidated amount was slightly over $80 million.
Sharp Fluctuations in Altcoins
The sharp drop in Bitcoin and the rapid recovery afterwards also led to a similar process for altcoins. At the time of writing, Ethereum fell to a level of $2,160. With the reaction purchases following, the ETH price also came to the level of $2,150 as of writing.
Looking at the leading cryptocurrencies, XRP is trading at $0.62, while Solana is trading at $70. Cardano (ADA), which has experienced a rise of over 50% in recent days, is trading at $0.56.
With the volatility in the cryptocurrency market, we see that $390 million worth of long and short-focused positions were wiped out in the last 24 hours. Of these positions, $340 million are long-focused, while approximately $53 million are composed of short-focused positions.
In conclusion, a night of rapid recovery was experienced in both Bitcoin and altcoins. The recovery of prices may be a sign that upward movements may continue in the coming days. On the other hand, there is also a possibility that the price for BTC may stay within a range. This could be interpreted as a sign of a slight increase for altcoins. However, if a drop occurs in BTC, this will mean a decline for altcoins, as was the case with the movement experienced at night.
