On the night of November 25-26, Bitcoin experienced a significant drop in value, reaching a minimum of $92,868. reported Ministry of Finance.
Shortly after that, the cryptocurrency rate partially recovered, then another drop occurred, which further worsened the position of the asset. As of press time, Bitcoin is trading at $92,436, down 6% over the past day.
This drop had a significant impact on BTC’s market capitalization, which dropped to $1.82 trillion. In addition, a significant amount of liquidations in the cryptocurrency futures market was recorded at $576 million in the last 24 hours alone, which indicates a large-scale reaction of traders to the change in the market.
Other high-cap cryptocurrencies have also seen significant losses. The biggest decrease was shown by Solana (-9%), Cardano (-8%) and Dogecoin (-7%). The overall dynamics of the market shows high volatility, which has affected both Bitcoin and altcoins.
Bitcoin’s sharp drop is in stark contrast to its previous success. Last week, the first cryptocurrency hit a new all-time high of $99,000, riding the wave of optimism surrounding Donald Trump’s victory in the US presidential election. After that, the cryptocurrency market became one of the key beneficiaries of the political changes, as investors’ expectations about future economic decisions contributed to the growth of the asset.
