Why Is the Crypto Market Down Today?

The cryptocurrency market is witnessing another day of continuous bloodbath as the price of Bitcoin fell below the $62,000 level. Alongside BTC, altcoins are also seeing substantial price drops. According to crypto analyst Michaël van de Poppe, this correction appears to be news-driven, potentially triggered by the announcement of Mt. Gox repayments starting in July.

Van de Poppe suggests that the market’s reaction to the Mt. Gox news may be overblown, with fear potentially causing an overvaluation of the event’s impact. Despite the substantial drop, the analyst speculates that this could mark the low point of the current correction.

Bitcoin Long Liquidations Spike

Adding to the market pressure, Bitcoin long liquidations have spiked since yesterday as the price of BTC fell below the $62,000 mark. Data from Coinglass reveals:

  • In the past 24 hours, 90,660 traders were liquidated.
  • Total liquidations amount to $285.67 million.
  • The largest single liquidation order occurred on Bitmex for an XBTUSD position valued at $10.00 million.

This wave of liquidations has likely contributed to the accelerated sell-off across the crypto market.

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Despite the current bearish sentiment, van de Poppe offers a glimmer of hope for altcoin investors. He suggests that the final few downward weeks for altcoins are currently taking place, with a potential shift on the horizon:

  • A major rotation could begin in the next week or two.
  • The analyst claims to be well-positioned and prepared for this potential trend reversal.
  • A risk-on period may be approaching for the cryptocurrency market.

The market slump saw Bitcoin hitting a 24 hour low of $60,675 before climbing back to its current price of $61,400. Altcoins like Ethereum also fell below the $3,300 level, causing the global crypto market cap to fall by 4.28%.

Read more: Crypto Watchlist for the Week: Ethereum ETFs, Blast Airdrop, Optimism (OP) Token Unlock, and More

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Vignesh Karunanidhi
Vignesh Karunanidhi

Seasoned crypto writer with deep passion for blockchain and cryptocurrency