{"id":23448,"date":"2024-06-24T18:00:23","date_gmt":"2024-06-24T15:00:23","guid":{"rendered":"https:\/\/coinengineer.io\/?p=23448"},"modified":"2024-06-24T13:46:19","modified_gmt":"2024-06-24T10:46:19","slug":"bitcoin-and-altcoins-drop-sharply-amid-turmoil","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/bitcoin-and-altcoins-drop-sharply-amid-turmoil\/","title":{"rendered":"Bitcoin and Altcoins Drop Sharply Amid Market Turmoil"},"content":{"rendered":"<p>Starting the new week in the red, <strong>Bitcoin<\/strong> fell significantly following its ATH above $73,000 in March.<\/p>\n<p>BTC dropped from $63,000 in the morning hours to $62,170, following the declining pattern it began last week.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_71 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/coinengineer.net\/blog\/bitcoin-and-altcoins-drop-sharply-amid-turmoil\/#Factors_Behind_the_Bitcoin_Drop\" title=\"Factors Behind the Bitcoin Drop\">Factors Behind the Bitcoin Drop<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/coinengineer.net\/blog\/bitcoin-and-altcoins-drop-sharply-amid-turmoil\/#Impact_on_Altcoins_and_Liquidations\" title=\"Impact on Altcoins and Liquidations\">Impact on Altcoins and Liquidations<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Factors_Behind_the_Bitcoin_Drop\"><\/span>Factors Behind the Bitcoin Drop<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Analysts believe that the bad attitude in the whole market, the German government sending a lot of BTC to stock exchanges, and the great sales of <strong>Bitcoin<\/strong> miners are the causes of this fall.<\/p>\n<p>Although altcoins accompanied this extreme drop in <strong>Bitcoin<\/strong>, Ethereum (ETH) dropped to about $3,350.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Impact_on_Altcoins_and_Liquidations\"><\/span>Impact on Altcoins and Liquidations<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>ETH dropped 3.7% in the past 24 hours; BNB, which ranks in the top ten outside ETH, dropped 3.7%; Solana (SOL) 7%; XRP 3.2%; Toncoin (TON) 5%; Dogecoin (DOGE) 4.4%; and Cardano (ADA) 4%.<\/p>\n<p>With WIF down 13.5%, Layer Zero (ZRO) down 13.4%, and PENDLE down 10%, the fall in certain altcoins hit double digits.<\/p>\n<p>Against this fall, just one altcoin showed a minor increase. LEO has risen by 0.5% over the past twenty-four hours.<\/p>\n<p>Although <strong>Bitcoin and altcoins<\/strong> saw these dramatic falls, investors in long positions were also left in the reverse and sold.<\/p>\n<p>Data from CoinGlass at this time shows that in the past 24 hours, $162.9 million was liquidated in crypto futures. Of this, just $8.8 million was comprised of short positions, while $154 million was comprised of long ones.<\/p>\n<p>Furthermore, although 69,399 investors were liquidated within the past 24 hours, the XBTUSD (<strong>Bitcoin<\/strong>) transaction on the BitMEX exchange accounted for the biggest liquidation.<\/p>\n<p>BTC and ETH were followed by SOL and DOGE, even as $48.8 million in <strong>Bitcoin<\/strong> and $29 million in Ethereum were sold.<\/p>\n<p><em class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don\u2019t forget to follow us on our\u00a0<a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" href=\"https:\/\/t.me\/coinengineernews\" target=\"_blank\" rel=\"noreferrer noopener nofollow\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\"><strong class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">Telegram,\u00a0<\/strong><\/a><a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" href=\"https:\/\/www.youtube.com\/@CoinEngineer\" target=\"_blank\" rel=\"noreferrer noopener nofollow\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\"><strong class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">YouTube<\/strong><\/a>,\u00a0and\u00a0<a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" href=\"https:\/\/twitter.com\/coinengineers\" target=\"_blank\" rel=\"nofollow noopener\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\"><strong class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">Twitter<\/strong><\/a>\u00a0channels for the latest\u00a0<a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" title=\"News\" href=\"https:\/\/coinengineer.net\/blog\/news\/\" data-internallinksmanager029f6b8e52c=\"7\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">news<\/a> and updates.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Starting the new week in the red, Bitcoin fell significantly following its ATH above $73,000 in March. BTC dropped from $63,000 in the morning hours to $62,170, following the declining pattern it began last week. Factors Behind the Bitcoin Drop Analysts believe that the bad attitude in the whole market, the German government sending a<\/p>\n","protected":false},"author":6,"featured_media":18123,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7,2],"tags":[236,61,105],"class_list":["post-23448","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-analysis","category-news","tag-altcoin","tag-bitcoin","tag-ethereum"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin and Altcoins Drop Sharply Amid Market Turmoil - Coin Engineer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/bitcoin-and-altcoins-drop-sharply-amid-turmoil\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin and Altcoins Drop Sharply Amid Market Turmoil - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"Starting the new week in the red, Bitcoin fell significantly following its ATH above $73,000 in March. 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