Bitcoin (BTC), the world’s largest cryptocurrency, saw a notable drop today. After briefly surpassing $63,500 at midnight, BTC fell by around 1.5%. While the exact cause of the decline is unclear, such movements can sometimes occur on weekends due to reduced liquidity, though this isn’t always the case.
On the other hand, prominent cryptocurrency analyst il Capo of Crypto shared his thoughts on the situation, referring to the drop as a “typical Sunday dump.” He added that while BTC’s price might decline further, this drop could present a buying opportunity. However, the uncertainty surrounding Bitcoin’s price remains.
An analysis of liquidation data shows that $79 million was liquidated across the cryptocurrency market in the last 24 hours, with $48 million in long positions and $30 million in short positions.