A sharp fall, after new highs. Bitcoin (BTC) fell sharply overnight, hitting $66,600 and dragging the rest of the cryptocurrency market with it. What happened
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Bitcoin and altcoins fall sharply overnight
The Bitcoin price had exceeded $73,700 yesterday, a new all-time high. But that didn’t last, and the cryptocurrency plummeted overnight. It touched $66,600 :
Bitcoin price falls sharply overnight
In less than 3 hours, the BTC price has lost 7.8%. However, the cryptocurrency has recovered slightly this morning: at the time of writing, it is trading for $68,300.
The fall of the largest cryptocurrency has dragged down other crypto assets. Over the past 24 hours, Ethereum ETH has posted -6%, and BNB has lost 5.4%. As for Dogecoin (DOGE), which had seen a breakthrough this week following Elon Musk’s statements, it is losing 10.5%.
Overall, cryptocurrency capitalization will have lost 6% over the same period. For Bitcoin alone, liquidations have amounted to $660 million since yesterday.
How can we explain this sudden drop?
The cryptocurrency market has been in turmoil for several weeks. Some noted Bitcoin’s rapid breakthrough – too rapid, perhaps? The correction that has just occurred therefore seems to be based on a return to a calmer atmosphere.
On the other hand, a number of bearish news items may have contributed to the downturn. On the ETF side, the next step in Ethereum ETFs seems less certain than expected. On the macro side, US inflation figures came out this week, and they’re higher than expected.
All this may have combined to cool down a market that had been overheating until then. For Bitcoin, it’s now a question of getting back to the highly symbolic $70,000 threshold, in order to continue the bull run begun in recent months.
