Crypto Market Sees Sharp Decline
The crypto market dropped sharply today. Major cryptocurrencies like Bitcoin and Ethereum lost their weekly gains in the last 24 hours. The total market value fell by 2.14% to $4.03 trillion. Trading volume rose by 3%, reaching over $209 billion.
Bitcoin Falls Below $120,000
Bitcoin, the largest cryptocurrency by market cap, dropped 1.55% from its daily high. After a strong week, Bitcoin hit a record high of $126,000 on October 6. However, investors began taking profits, pushing the price down. At the time of writing, Bitcoin traded near $119,412 with a 24-hour volume of $77.72 billion, according to CoinMarketCap.
Ethereum Drops to $4,100
Ethereum fell nearly 4% amid heavy selling pressure. During the London session, ETH traded between $4,400 and $4,300 before dropping below $4,100. Currently, Ethereum trades at $4,135, with its market cap near $499 billion. Ethereum reached a weekly high of $4,700 on October 7, just 5% below its all-time high.
The market drop caused 204,483 liquidations, totaling $891.27 million, according to Coinglass. Of this, $717 million came from long positions and $174 million from short positions.
