Bitcoin faced significant volatility on Monday, plunging to a new monthly low of $64,000 and causing chaos in the cryptocurrency market. Altcoins also experienced massive declines, leading to over 190,000 traders getting wrecked in a single day.
The day started quietly for Bitcoin, hovering around $66,000, but later saw a surge to over $67,200 before a sudden drop of over $3,000. This sharp decline brought Bitcoin to its lowest point since May 15, before bouncing back to around $66,000.
Altcoins like SHIB, DOGE, SOL, AVAX, LINK, ADA, and DOT also suffered losses ranging from 7-10%. Ethereum (ETH) dropped to $3,450 after hitting a low of $3,330, while other tokens like NEAR, UNI, MATIC, WIF, FIL, and FET also experienced significant losses.
The market volatility resulted in over 190,000 traders being liquidated, with the total value of liquidated positions exceeding $480 million in a single day. The largest liquidated order, worth $6.44 million, occurred on Binance with the ETH/USDC trading pair.
The cryptocurrency market’s rollercoaster ride on Monday left many traders reeling, highlighting the risks and challenges of trading in such a volatile environment.
