The crypto market has just experienced a significant drop over the past few hours, pushing Bitcoin back below $85,000. At the same time, gold has just lost $3 trillion in market capitalization in one hour. Here’s an update.
Bitcoin drops back below $85,000
The weekend is shaping up to be a challenging one for the cryptocurrency market, as Bitcoin has just dropped back below the $85,000 level following a decline of more than 5% recorded at the end of the day.
BTC price drops back below $85,000
According to data available on the Coinglass website, liquidations have already reached $950 million over the past 24 hours, with a total of 227,290 traders liquidated.
Of this amount, more than $630 million occurred in just the last four 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 recorded a sharp drop of more than 8% in the space of just one hour, wiping out more than $3 trillion in market capitalization in the process.
Gold price drops 8% in less than an hour
A significant decline that is already beginning to recover at the time of writing, with the price attempting to return to around $5,400, or about 4.5% below its latest high of $5,600 recorded just a few hours earlier.
According to some analysts, this significant drop is part of a broader pullback in the commodities market, following a rally considered too rapid and too steep.
This observation is confirmed by the silver market, where prices have fallen by more than 10% over the same period, a decline that is also beginning to recover.
