Turmoil continues to occur in the cryptocurrency world. Breaking record after record for a while now Bitcoin, lost nearly 10 percent of its value in just a few hours. As of the evening of April 13, the price of the cryptocurrency dropped to 62 thousand dollars.
Bitcoin price dropped to 62 thousand dollars
According to data from CoinMarketCap, Bitcoin experienced a sharp decline during the day. Accordingly, the cryptocurrency whose price exceeded 71 thousand dollars last day It dropped to 62 thousand dollars. This figure means that it is down more than 8 percent from its peak.
Analyst firms have been pointing to increased volatility and downside risk for Bitcoin in recent weeks. For example, CryptoQuant said key metrics such as unrealized profit margin have remained weak since late March.
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According to Kaiko’s research, volatility in the Bitcoin market has been increasing since the beginning of April. Bitcoin, which rose from 59 thousand dollars to 71 thousand dollars, was giving the message that there would be price fluctuations. As of April 13, it has lost more than 8 percent of its value.
The decline experienced in the past hours is due to the cryptocurrency market. 920 million dollars wiped out liquidity on it. However, it should be noted that there was also a decline in standard markets such as S&P 500 and gold. Apart from Bitcoin, other popular cryptocurrencies such as ETH, BNB and Doge also lost value.
According to analysts, all-time highs will not last. The sharp decline indicates that investors should reconsider the risks.
Note: The information in this article is not investment advice. It is for informational purposes only.