{"id":12237,"date":"2024-10-08T08:46:23","date_gmt":"2024-10-08T08:46:23","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=12237"},"modified":"2024-10-08T08:46:23","modified_gmt":"2024-10-08T08:46:23","slug":"bitcoin-tumbles-to-62k-as-meme-coins-nosebleed-in-latest-crypto-downturn-market-watch","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=12237","title":{"rendered":"Bitcoin Tumbles to $62K as Meme Coins Nosebleed in Latest Crypto Downturn (Market Watch)"},"content":{"rendered":"

The cryptocurrency market remains volatile, and the battle between buyers and sellers is intensifying. Following yesterday\u2019s bounce, the majority of coins are currently trading in the red, going through a correction that erased all of the recent gains.<\/p>\n

This has caused an uptick in derivatives liquidations, currently standing at $230 million, as well as declining market sentiment.<\/p>\n

The pullback follows news that the US Bankruptcy Court for the District of Delaware has approved<\/a> FTX\u2019s reorganization plan, according to which creditors will receive between $14.7 and $16.5 billion in recovered assets.<\/p>\n

Bitcoin Price Crashes to $62,000<\/h2>\n

The Bitcoin price has been on a rollercoaster for the past 24 hours. It increased to as much as $64,400 yesterday, but the bears were quick to get involved.<\/p>\n

They managed to push the asset to a low of $62,000 just a few hours ago. At the time of this writing, BTC trades at $62,300. It\u2019s interesting to note if this support level will hold or if the sellers will target the pivotal $60K mark next.<\/p>\n

<\/a>Source: TradingView<\/p>\n

More than $60 million worth of BTC derivatives positions were liquidated during the past 24 hours. Almost $40 million of these were long traders, which is somewhat expected, given the price slump.<\/p>\n

Despite the market downturn during the last day, the sentiment across the board has remained more or less unchanged.<\/p>\n

Altcoins Tumble, Meme Coins Nosedive<\/h2>\n

Most of the altcoins, with a few slight exceptions, are trading in the red, albeit marginally. For example, ETH, BNB, XRP, BCH, and others from the large-cap tier, are down between 1 and 2%.<\/p>\n

Meme coins, however, are giving back most of the gains they achieved yesterday to the market.<\/p>\n

<\/a>Source: QuantifyCrypto<\/p>\n

POPCAT, which was one of yesterday\u2019s best performers, is down 17.5% today. PEPE, BONK, and WIF, are all down about 8-10%. These are also the cryptocurrencies that did worst in the last 24 hours.<\/p>\n

The post Bitcoin Tumbles to $62K as Meme Coins Nosebleed in Latest Crypto Downturn (Market Watch)<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

The cryptocurrency market remains volatile, and the battle between buyers and sellers is intensifying. Following yesterday\u2019s bounce, the majority of coins are currently trading in the red, going through a correction that erased all of the recent gains. This has caused an uptick in derivatives liquidations, currently standing at $230 million, as well as declining […]<\/p>\n","protected":false},"author":0,"featured_media":12238,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-12237","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/12237"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=12237"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/12237\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/12238"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12237"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12237"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12237"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}