The crypto market has just experienced a significant drop over the past few hours, once again pushing Bitcoin below $85,000. At the same time, gold has just lost $3 trillion in market capitalization in one hour. Here’s an update.
Bitcoin Falls Back Below $85,000
The weekend is shaping up to be a challenging one for the cryptocurrency market, as Bitcoin’s price has just fallen back below the $85,000 mark following a drop of more than 5% at the end of the day.
BTC price falls back below $85,000
According to data available on the Coinglass website, liquidations have already reached $950 million over the past 24 hours, affecting a total of 227,290 traders.
Of this amount, more than $630 million occurred in just the last 4 hours.
Gold Plummets 8% in Less Than an Hour
But the worst may lie elsewhere. Indeed, the price of gold—which had been hitting new highs for weeks—has just plummeted by more than 8% in the space of just one hour, wiping out more than $3,000 billion in market capitalization in the process.
Gold price drops 8% in less than an hour
This sharp decline was already beginning to stabilize at the time of this writing, with the price attempting to rebound to around $5,400—about 4.5% below its recent high of $5,600 reached just a few hours earlier.
According to some analysts, this sharp decline is part of a broader pullback in the commodities market, following a rally considered too rapid and too steep.
This trend is also evident in the silver market, where prices have fallen by more than 10% over the same period, a decline that is also beginning to stabilize.
