CandleFocus Bitcoin Tumbles to $62K as Meme Coins Nosebleed in Latest Crypto Downturn (Market Watch)
2024-10-08
Author: Content Editor
The cryptocurrency market is experiencing a correction, with most coins trading in the red and recent gains being erased. This has led to an increase in derivatives liquidations, reaching $230 million, and a decline in market sentiment. Furthermore, the US Bankruptcy Court has approved FTX's reorganization plan, which will see creditors receiving between $14.7 and $16.5 billion in recovered assets. The price of Bitcoin has been volatile, reaching a high of $64,400 before dropping to $62,000. Over $60 million worth of BTC derivatives positions were liquidated in the past 24 hours, with most altcoins trading slightly lower. Meme coins, such as POPCAT, PEPE, BONK, and WIF, have seen significant losses.
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