The crypto market has just suffered a significant decline in the last few hours, pushing Bitcoin back below $85,000. At the same time, gold has just wiped $3 trillion off its market capitalization in one hour. Here’s an update.
Bitcoin falls back below $85,000
The end of the week looks set to be a complicated one on the cryptocurrency market, with the price of Bitcoin falling back below the $85,000 level following a drop of more than 5% at the end of the day.
According to information available on the Coinglass website, liquidations have already reached $950 million over the last 24 hours, with a total of 227,290 traders liquidated.
More than $630 million of this amount relates to the last four hours alone.
Gold plummets 8% in less than an hour
But the worst may lie elsewhere. The price of gold, which had been climbing to new highs for weeks, has just recorded a sharp drop of more than 8% in the space of just one hour, wiping more than $3 trillion off its market capitalization.
This significant decline is already reversing at the time of writing, with the price attempting to return to around $5,400, approximately 4.5% below its latest peak of $5,600 recorded a few hours earlier.
According to some analysts, this significant decline is part of a general downturn in the commodities market, following a rise that was considered too rapid and too significant.
This observation is confirmed by silver, with a price that has fallen by more than 10% over the same period, which is also recovering.
