Ahmet Bedirhan Arvas 
The cryptocurrency market had a volatile start, with significant altcoins, especially Bitcoin (BTC) and Ether (ETH). According to data, Bitcoin experienced a drop of up to 5% in the last 24 hours, trading at $41,300, but later rose to $42,000. Ether, after falling to $2,170, climbed to $2,239. Solana also dropped to $66 before reaching $70.
It May Attract Your Attention: Bitcoin and Altcoins Are Soaring! What Are Investors Expecting?
Greta Yuan, Research Director at the regulated exchange VDX in Hong Kong, stated, “The broader market saw a minor adjustment earlier this week due to better-than-expected non-farm payroll and low unemployment.” According to Coinglass data, over $335 million in liquidations occurred in the last 12 hours, with $300 million in long positions being liquidated.
Liquidations in Bitcoin and Ether stood out on the heat map, with over $89 million in bitcoin positions and $74 million in ether positions being liquidated. Lucy Hu, Senior Analyst at Metalpha, said, “Given that BTC has risen over 70% since October, the recent minor correction in the overall market is part of a rational profit-taking process as traders may have reached their year-end price targets.”
On-chain analyst Willy Woo wrote that the market could see a correction in Bitcoin prices down to $39,700. Stay tuned for updates.
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