Bitcoin Dips Below $90K as Altcoins Suffer Major Losses
Generally, You will notice that cryptocurrency market is experiencing a lot of volatility, Normally, Bitcoin is leading the way, Either by going up or down. Obviously, This time it’s down, Because it failed to stay above $90,000, Which is a pretty big deal. Usually, When Bitcoin goes down, Altcoins follow, And that’s what happened this time, With many of them losing a lot of value.
Market Overview
Naturally, You would think that the cryptocurrency market is doing okay, But it’s not, Because Bitcoin’s price is going down, And that’s affecting everything else, Including altcoins, Which are losing value fast. Essentially, The market is in a bit of a panic, With people selling their coins, And that’s making the prices go down even more. Normally, This kind of thing happens when there’s some bad news, Like a big investor pulling out, Or a country banning cryptocurrencies.
Bitcoin Performance
Actually, Bitcoin started the month pretty poorly, With its price going from above $92,000 to just over $88,000, Which is a big drop, And it’s not what investors want to see, Because it means they’re losing money. Actually, The largest cryptocurrency did try to recover, And it got back up to $90,000 earlier in the week, But then it faced some more selling pressure, And that made it go down again, Below $90,000, Which is a pretty important number, Because it’s like a benchmark, And when it goes below that, People start to worry. Actually, This led to a lot of liquidations, Over $500 million, Which is a lot of money, And it’s not good for the market.
