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<p>The cryptocurrency market was shaken earlier this week by a spectacular plunge in the price of Bitcoin, which fell below the $62,500 mark. This dramatic drop led to the liquidation of over 60,000 traders, causing major disruptions in the crypto ecosystem. Why such a drop?</p> 
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<h2 id="h-the-sudden-drop-of-bitcoin">The Sudden Drop of Bitcoin</h2>
<p>This Monday morning, the crypto market experienced a significant shock when <a href="https://www.cointribune.com/en/crypto-markets/bitcoin-btc-en/" target="_blank" rel="noopener noreferrer nofollow">the price of Bitcoin</a> abruptly fell from over $64,000 to less than $62,500 in a matter of hours, reaching its lowest level in several weeks. This decline led to the liquidation of over 60,000 traders, totaling losses of more than $130 million in a single day. Traders were caught off guard by this rapid descent, exacerbated by a series of automatic liquidations on trading platforms.</p>
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<p>This sudden drop comes after an already tumultuous week for Bitcoin. The queen of crypto had reached a weekly high of $67,000 last Tuesday, but bearish trends quickly took over, pushing the price to $63,500 on Friday. The weekend was relatively calm, with Bitcoin stabilizing around $64,000, before the Asian markets opened on Monday morning, causing another significant drop.</p>
<p>Altcoins were also heavily affected by this market correction. Cryptos like Ethereum, Binance Coin, and Cardano saw their value drop by around 4%, while memecoins suffered even more severe losses. FLOKI plunged by more than 12%, closely followed by WIF, BRETT, PEPE, and BONK, all of which posted double-digit declines.</p>
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<h2 id="the-reasons-behind-the-decline">The Reasons Behind the Decline</h2>
<p>Several factors likely underlie this sudden drop in Bitcoin. One could mention the significant decrease in whale transactions. Over the last two days, these transactions have dropped by 42%, falling from 17,091 to 9,923. On top of that, there’s been a wave of withdrawals. Indeed, some traders on derivative exchanges have gone into “risk-off” mode, meaning they’ve reduced their risk exposure by withdrawing their assets from derivative platforms. The Interexchange-Flow-Pulse (IFP) indicator, which tracks Bitcoin movements between spot and derivative exchanges, <a href="https://cryptopotato.com/bitcoin-btc-price-dumps-toward-62k-liquidating-over-60000-traders/" target="_blank" rel="noopener noreferrer nofollow">has turned red and signals a decline in market confidence</a>.</p>
<p>At the same time, the market was also impacted by massive outflows from spot ETFs. <a href="https://www.cointribune.com/en/the-bitcoin-etfs-lose-544-million-in-6-days/" target="_blank" rel="noopener noreferrer nofollow">The previous week was marked by significant outflow.</a> This outflow dynamic has evidently contributed to the bearish pressure on the price of Bitcoin.</p>
<p>The combination of these factors has created a particularly fragile market environment, which likely led individual and institutional investors to liquidate their positions to avoid further losses, thereby amplifying the drop in Bitcoin’s price.</p>

Bitcoin Drops to $62,500, Liquidating 60,000 Traders!

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Cointribune EN

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