The volatile nature of the cryptocurrency market continues to persist, with buyers and sellers engaged in a fierce battle. Despite a temporary bounce recently, most coins are currently in the red as they undergo a correction phase, erasing previous gains.
The ongoing correction has led to an increase in derivatives liquidations, amounting to $230 million, and a decrease in overall market sentiment. Investors and traders are closely monitoring the situation as it unfolds.
In other news, the US Bankruptcy Court for the District of Delaware has approved FTX’s reorganization plan. As part of the plan, creditors are set to receive between $14.7 and $16.5 billion in recovered assets, impacting the crypto market sentiment further.
The price of Bitcoin experienced a rollercoaster ride over the past 24 hours, reaching a high of $64,400 before plummeting to $62,000. The current trading price stands at $62,300, with uncertainties looming over whether the support level will hold or if a further drop to $60K is imminent.
During this period, over $60 million worth of BTC derivatives positions were liquidated, predominantly affecting long traders as the market witnessed a notable slump. Despite the downward trend, overall market sentiment has remained relatively stable.
A similar trend is observed among altcoins, where major players such as ETH, BNB, XRP, and BCH are experiencing minor declines ranging from 1 to 2%. On the other hand, meme coins, which surged yesterday, are now retracing most of their gains.
Notably, POPCAT, a top performer yesterday, is down by 17.5% today, while PEPE, BONK, and WIF are witnessing 8-10% declines. These meme coins are among the worst performers in the past 24 hours, reflecting the increased volatility and unpredictability in the crypto market.
