CandleFocus Bitcoin Plummets to $60K but These Altcoins Crashed Harder (Market Watch)
2024-10-02
Author: Content Editor
The cryptocurrency market has experienced a significant decline, with total capitalization dropping by 5.2% to approximately $2.75 trillion in the past 24 hours. Liquidations across the derivatives market also surpassed $500 million, primarily from BTC traders. Bitcoin's price hit a low of $60,170, the lowest since September 18th, but quickly recovered to around $61,500. The market downturn is believed to be influenced by escalating tensions in the Middle East, with concerns that a full-scale war could impact prices. Investors are reportedly selling Bitcoin to buy gold as a hedge. Altcoins have been hit harder, with large-cap coins like ETH, SOL, XRP, BCH, TON, ADA, and DOT experiencing declines of 6% to 10%. The ongoing geopolitical tensions are being closely watched for their potential impact on the crypto markets.
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