Bitcoin Slides as Market Faces Gloom
On Thursday, bitcoin slid into a steady decline, slipping beneath the $106,000 threshold and touching a fresh intraday low of $105,798. By 7:30 p.m. Eastern time on June 12, the top cryptocurrency had dropped 2.3% against the greenback.
Bitcoin’s Slump Sends Waves Through $3.32T Crypto Market
Overall, the mood stays gloomy, with bitcoin traders likely holding off for either a decisive trend shift or a strong bounce backed by heavy volume, as bearish forces currently have the upper hand. In the last 24 hours, bitcoin has tallied $35.53 billion in global trading volume, but even with today’s dip, BTC remains up 4.4% for the week.
BTC/USD 1-hour chart via Bitstamp at 7:30 p.m. Eastern time.
The drop, however, has pulled the entire crypto market down by 2.47%, bringing its total value to $3.32 trillion. While BTC slipped 2.3%, ethereum (ETH) fell 4.5%, XRP dipped 3.24%, and solana (SOL) gave up 4.9% against the U.S. dollar. Among the top ten coins, dogecoin (DOGE) took the hardest fall, dropping 5.9% in value on Thursday.
The hardest hit of the day was EOS, tumbling 15.28%, followed by AI16Z, which dropped 14.45%. KAITO slipped 12.15%, and PNUT gave up 11.22%. Over the last day, a hefty $645.67 million in long and short positions vanished from the derivatives market, with $297.42 million tied to bitcoin longs alone.
Coinglass liquidation stats show a massive $201 million wipeout.
Notably, coinglass.com data highlights a massive $201 million liquidation on a BTC/USDT trade. Where BTC goes next is anyone’s guess, but seasonal patterns hint that the third quarter has traditionally been a softer stretch for bitcoin prices. As of 7:30 p.m., BTC is cruising at $106,152 per coin on Bitstamp and $106,133 based on the weighted global average.
