Bitcoin Takes a Tumble, Liquidations Surge
Bitcoin (BTC) has been on a rollercoaster ride this week, experiencing a brief surge following the US jobs report before a sharp decline. The price of Bitcoin dropped from $65,100 last Monday to $55,500 earlier today, before seeing a momentary spike to $57,000 after the US unemployment rate declined.
However, this rally was short-lived, and Bitcoin quickly retreated, dropping back to $54,400. This marked its lowest point in a month. The altcoin market followed suit, with Ethereum (ETH) dropping to $2,320, Solana (SOL) falling below $130, and XRP retracing to $0.53.
This volatility has led to a wave of liquidations, with over 45,000 over-leveraged traders being liquidated in the past day. The total value of liquidations has reached a staggering $150 million within the same timeframe. The largest single liquidation, worth over $13 million, occurred on the HTX exchange.
The market is currently showing signs of uncertainty, with investors closely watching the upcoming rate decisions in the US. The future direction of Bitcoin and the broader cryptocurrency market remains unclear.
