Why Did Bitcoin (BTC) Drop?
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As the crypto market enters the week of the Federal Reserve's interest rate decision, Bitcoin (BTC) experienced a sudden decrease.
Within a one-minute timeframe, Bitcoin's price plummeted by $700, bringing it closer to the critical $29,000 level once again.Why Did Bitcoin (BTC) Drop?
This unexpected dump raised concerns and nervousness among investors, who were closely monitoring the cryptocurrency's performance.
At present, the cause of the drop remains unknown, and there is no specific news source attributed to it. However, what's evident is that the rapid decline triggered a significant surge in liquidations.
Within the same one-minute period, approximately $30 million worth of positions in Bitcoin were liquidated, with the total liquidation across altcoins reaching $85 million.
The market is now eagerly awaiting further details and clarity on the reasons behind this sudden downturn. It is unclear whether the decline is related to the liquidation of existing positions or if certain individuals had prior knowledge of important news affecting the market. $BTC $ETH $DOGE
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