The cryptocurrency market has witnessed a transformation in the past hours. With most currencies falling sharply, Bitcoin's price is now below $70,000, while the market has closed leveraged positions close to $200 million.
BTC took a surprise hit when its price fell below $70,000 after what many saw as the start of a new bull run.
The decline in Bitcoin prices was caused by the non-farm payrolls numbers coming out better than expected, and shortly after the numbers were released, the Bitcoin price began to decline.
As shown in the chart above. This movement happened suddenly. It has fallen about 2.5% in the past few hours. It is still unclear what is the real reason for this violent fall.
However, this sharp price decline is not limited to Bitcoin, but almost all major altcoins are also worrying.
Additionally, according to Coinglass, this also led to the liquidation of large amounts of leveraged long positions, currently valued at around $200 million.
At the time of writing this article, the price of Bitcoin has fallen by 2.6%, bringing the price of Bitcoin to $68,900.
source: cryptopotato