"Calm down everyone, BTC didn't drop very much yesterday, right."
The entire cryptocurrency market yesterday afternoon saw a massive plunge as the global crypto market capitalization reportedly plunged nearly 1.50% at $1.07 trillion in just a few minutes.
Bitcoin (BTC), which fell to $27,300 from $28,000, has recovered slightly and is now trading above $27,500 as $50 million of longs were liquidated in an hour.
While the second largest crypto Ethereum (ETH) fell below $1,550 shortly after the ETH Foundation acted to sell a large amount of the digital asset again, then Ripple (XRP), Solana (SOL), Dogecoin (DOGE) and Shiba Inu (SHIB) were down 2% in an hour.
In addition to liquidation longs of $90 million on October 9, 2023, the largest liquidation order on BTCUSD Bybit worth $3.11 million was one of the reasons why the entire crypto market was bleeding quite significantly yesterday.
However, it should also be noted that digital asset investment products faced inflows of $78 million for the second week in a row after six weeks of outflows, where SOL recorded its biggest weekly inflow of $24 million since March 2022.
The fall of the crypto market was also triggered when there was geopolitical risk in the Middle East due to the conflict between Palestine and Israel, however the situation has caused the price of WTI and Brent crude oil to rise.
According to popular analyst Michael van de Poppe, BTC is expected to remain above $27,500 despite still showing weakness as the price plunges below $27,700, but he believes altcoins may continue to suffer.
As of this writing, BTC price has plunged by 1.00% to $27,567 in the last 24 hours while ETH recorded a 2.92% decline at $1,578 and XRP slipped 3.41% at $0.49.
