Bitcoin (BTC) fell over 10% from a new all-time high as a wave of sell orders on cryptocurrency exchanges dampened the momentum, causing it to dip below $60,000 momentarily.
On Tuesday BTC peaked at $69,208 at 15:04 UTC on the CoinDesk Bitcoin Index (XBX) and then shortly after tumbled to a low of $59,700. The decline is blamed on large sell orders — including over 300 BTC valued at around $20 million at $69,000 and more than 500 BTC at $70,000 on Binance.
There was also this OG Bitcoiner who dumped 1000 BTC mined way back in 2010. This guy was evidently waiting for this moment for a long time.
After the quick rollercoaster ride, BTC managed a modest recovery, climbing back to over $65,000 as of this writing.
According to CoinDesk, the downturn led to a 7% loss for BTC over 24 hours, a steeper decline than the broader CoinDesk 20 Index’s (CD20) 3% drop, which was somewhat mitigated by the stronger performance of other cryptocurrencies like Ether (ETH) and Solana (SOL).
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Major altcoins, including Cardano (ADA), Dogecoin (DOGE), and Shiba Inu (SHIB), also experienced declines in the range of 10%-12%. But like BTC, these coins have since bounced back.
The volatility also triggered a significant number of liquidations, exceeding $1.1 billion in derivatives across the cryptocurrency market, with long positions constituting $870 million of this total, as per CoinGlass.
Information for this story was found via the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
