BREAKING NEWS
Breaking News: Cryptocurrency Market Shudders as $1 Billion Wiped Out in 24 Hours
In a shocking turn of events, the cryptocurrency market has been rocked by over $1 billion in liquidations within the past 24 hours. The rollercoaster ride took an unexpected nosedive after Bitcoin skyrockets to an all-time high of $69,191.95, only to plummet a staggering 14%.
Here’s a closer look at the jaw-dropping figures:
Cryptocurrency Liquidation Snapshot
| Cryptocurrency | Liquidation Amount (24H) |
|---|---|
| Bitcoin (BTC) | $1 billion |
| Others | To Be Determined |
Bitcoin’s Whirlwind Ride
| Bitcoin Metrics | Figures |
|---|---|
| All-Time High (March 6, 2024) | $69,191.95 |
| Reversal Plunge (Percentage) | -14% |
| Previous All-Time High (Nov 10, 2021) | $68,982.20 |
The crypto market witnessed a dramatic surge of 2.5%, propelling Bitcoin to an unprecedented $69,191.95 around 10 a.m. in New York. However, the celebration was cut short as Bitcoin swiftly reversed course, plunging to a staggering low of $59,317.16, leaving traders bewildered and some pockets considerably lighter.
Profit-Taking Frenzy:
“Given that nearly everyone who has ever bought Bitcoin is now in profit, there are decent odds we see some amount of profit-taking,” cautioned Zaheer Ebtikar, founder of crypto fund Split Capital, reflecting the frenzy that ensued after Bitcoin’s monumental climb.
Bitcoin’s Resilience and the $250,000 Speculation
| Bitcoin’s Historical Performance | Figures |
|---|---|
| Previous Low (2022) | $16,500 |
| Year-to-Date Growth (as of Mar 5) | +63% |
| Bold Prediction (Hunter Horsley, Bitwise CEO) | $250,000 Bitcoin nearing faster than expected |
Despite the shocking plunge, some crypto enthusiasts remain optimistic. Hunter Horsley, CEO of Bitwise, hinted at a bullish outlook, suggesting that Bitcoin’s journey to $250,000 might be in the fast lane, surprising even the most bullish investors.
SEC’s Role in Bitcoin’s Resurgence:
Bitcoin’s resurgence in 2024 is attributed to robust demand from new US exchange-traded funds (ETFs) and a crucial regulatory shift by the US Securities and Exchange Commission (SEC). The SEC’s approval of spot-Bitcoin ETFs in January has been a game-changer, making Bitcoin more accessible and reinvigorating the digital asset market.
The crypto landscape remains as volatile as ever, with investors o