Why is crypto market down today? Bitcoin’s drop to $64K extended overall market retracement ahead of US holiday
The crypto market was down today as it struggled to shake off last week’s bearish sentiment. According to CoinMarketCap data, the overall market cap was down 1.63% in the past 24 hours.With the drop came massive outflows worth over $200 million, across BTC spot markets, in the past 12 hours alone.Investors’ risk-off approach to the largest digital asset was also observed on the 17th of June in the U.S. spot BTC ETFs.
Its price had breached below short and long-term trends , reinforcing sellers had a run with the altcoin.was down about 10% on the daily charts and hit levels last seen in December 2023. The massive bleedout across altcoins demonstrated that they were worst hit by the market drawdowns.Unfortunately, long positions suffered the most. According to Coinglass data, overall liquidations hit over $240 million, with longs accounting for $224 million worth of rekt positions in the past 12 hours.
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