Bitcoin

<ul><li>Bitcoin’s plunge to $58K erased gains after Powell&#39;s optimistic remarks last week.</li><li>Over 85,000 investor positions worth $300 million were closed at a loss in the downturn.</li><li>The total crypto market cap fell by $170 billion, with WIF, ENS, and JUP seeing major losses.</li></ul><a href="https://cryptotale.org/bitcoin-liquidation-map-highlights-strong-long-position-risk/" rel="noopener noreferrer nofollow">Bitcoin</a> experienced a sharp decline to $58,000 last night, sparking turmoil across the crypto market. Altcoins suffered deeper losses, with several coins showing notable depreciation. Earlier today, Bitcoin had surged past $63,000 but quickly dropped to $58,000. As always, altcoins mirrored Bitcoin&#39;s fall, amplifying the overall market downturn. This unexpected market reversal came after an initially positive sentiment following Federal Reserve Chairman <a href="https://cryptotale.org/digital-assets-record-533m-inflows-post-powells-speech-bitcoin-leads/" rel="noopener noreferrer nofollow">Jerome Powell</a>&#39;s statements last Friday.James Seyffart, an ETF analyst at Bloomberg, recently analyzed Bitcoins’s price movements over the past six months. His observation draws parallels to the fluctuations observed from 2019 through early 2020. Seyffart highlights key trends and deviations in Bitcoin’s trading patterns in his analysis, shedding light on potential market directions.Powell&#39;s remarks had temporarily boosted the crypto market, pushing Bitcoin up to $65,000 and leading to even more robust price increases in altcoins. However, the positive trend quickly reversed. In the derivatives market, over 85,000 investor positions worth more than $300 million were closed at a loss.Related: <a href="https://cryptotale.org/fomc-holds-rates-steady-crypto-prices-drop-amid-powells-decision/" rel="noopener noreferrer nofollow">https://cryptotale.org/fomc-holds-rates-steady-crypto-prices-drop-amid-powells-decision/</a><a href="https://cryptotale.org/bitcoin-plunges-to-58k-altcoins-decline-amid-market-chaos/" rel="noopener noreferrer nofollow">Read more on Cryptotale.</a>Visit the links for more information <a href="https://cryptotale.org/" rel="noopener noreferrer nofollow">Website</a> | <a href="https://twitter.com/cryptotalemedia" rel="noopener noreferrer nofollow">Twitter </a>| <a href="https://t.me/cryptotale_news" rel="noopener noreferrer nofollow">Telegram </a>| <a href="https://www.instagram.com/cryptotalenews/" rel="noopener noreferrer nofollow">Instagram </a>|

Bitcoin Plunges to $58K, Altcoins Decline Amid Market Chaos

CryptoTale

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