Bitcoin (BTC) experienced a significant 9% plunge, hitting a 24-hour low of $92,118, and the wider crypto market also saw a decline of 11.94% with a total market cap of $3.13 trillion. This sell-off frenzy affected altcoins like GIGA, CVX, TEL, and GOAT, which suffered drops ranging from 24% to 27%. The derivatives market also faced chaos, resulting in $1.4 billion in liquidations and the wiping out of positions for 427,928 traders. Market experts attribute the slump to economic concerns and a dip in investor confidence, emphasizing the influence of global economic conditions on bitcoin. The volatility of altcoins and meme coins further exemplify the risks in the market. These losses serve as a reminder for investors to approach the crypto market cautiously due to its unpredictability.



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