Bitcoin price has plummeted by nearly 4% over the past 24 hours, hence, sparking several reactions across the crypto community. As a result of the decline, about $1.8 billion worth of long positions have been liquidated. The whole crypto market has dropped by about 10% as Ethereum and other altcoins incur losses as well.
Bitcoin Price Experiences About 4% Drop
Today has turned bearish for the crypto market as Bitcoin and other coins take a fall. Bitcoin price has plunged by 3.77% in the last 24 hours following a drop from an intraday high of $58,731. As a result, about $1.8 billion long positions have liquidated.
Bitcoin has made huge progress, especially considering that it was trading for about $7,000 this time last year. On March 13, the primary cryptocurrency hit an all-time high above $60,000. Since then, Bitcoin prices have been trading in a range before the price spiralled down to $56,000 today.
The drop has been anchored to the comment made by the CEO of one of the largest U.S. banks. Earlier today, Goldman Sach’s CEO David Solomon said that the crypto world should expect a “big evolution” concerning regulations. Although he didn’t make any specific claims, it appears the crypto market has reacted to the news.
Altcoin Market Turns Red Following Bitcoin Price Drop
Bitcoin whales have continued accumulating despite the price drop. According to an analytics firm, Whale Alert, there have been huge BTC outflows from Coinbase over the past few days. Recently, a whale moved 12,000 BTC from Coinbase exchange.
In essence, there is an increase in the activity of Bitcoin whales as they continue to move Bitcoin out of exchanges. The large transfers could mean that the whales are expecting another price rally or an institution buying Bitcoin.
Following the dip of Bitcoin, the crypto market has a 10% loss as altcoins turned red as well. Ethereum is currently trading around $2,013 after dropping by 4.86% in the last 24 hours.