Bitcoin’s Price Plummets by Over 7% in 24 Hours, Resulting in Trader Losses
Bitcoin (BTC) experienced a significant price drop of over 7% within a 24-hour period leading up to April 14, causing turmoil in the cryptocurrency market. This sudden decline resulted in the liquidation of over $256 million from long positions and over $62 million from short positions, leaving traders with substantial losses.
The cryptocurrency’s value plummeted to a low of $60,919 before bouncing back to $62,060. As of the time of writing, Bitcoin’s price has recovered to $66,146, but the market remains volatile.
Analyst Benjamin Cowan offered reassurance to investors, describing the price drop as “normal” for the current market cycle. He pointed out that previous corrections in this cycle have ranged from 20-22%, indicating that this downturn is consistent with historical patterns.
MicroStrategy CEO Michael Saylor echoed Cowan’s sentiment, stating that chaotic market dynamics can actually benefit Bitcoin in the long run. Despite the short-term uncertainties, industry experts remain optimistic about Bitcoin’s long-term prospects.
Rekt Capital, a pseudonymous crypto trader and analyst, emphasized that while Bitcoin may experience retracements that raise doubts about the continuation of the bull market, the crypto’s long-term uptrend remains intact. This perspective suggests that the recent price drop is a temporary setback in Bitcoin’s overall growth trajectory.
Overall, industry analysts and leaders view the recent pullback as a natural phase in Bitcoin’s journey, anticipating further gains as investor interest in the cryptocurrency continues to grow. In related news, Bitcoin Ordinals have achieved a new record, surpassing 65 million inscriptions, highlighting the ongoing popularity and adoption of the digital asset.
