Bitcoin Tumbles to $62K as Meme Coins Nosebleed in Latest Crypto Downturn (Market Watch)
2024-10-08

The cryptocurrency market remains volatile, and the battle between buyers and sellers is intensifying. Following yesterday’s bounce, the majority of coins are currently trading in the red, going through a correction that erased all of the recent gains.
This has caused an uptick in derivatives liquidations, currently standing at $230 million, as well as declining market sentiment.
The pullback follows news that the US Bankruptcy Court for the District of Delaware hasapprovedFTX’s reorganization plan, according to which creditors will receive between $14.7 and $16.5 billion in recovered assets.Bitcoin Price Crashes to $62,000
The Bitcoin price has been on a rollercoaster for the past 24 hours. It increased to as much as $64,400 yesterday, but the bears were quick to get involved.
They managed to push the asset to a low of $62,000 just a few hours ago. At the time of this writing, BTC trades at $62,300. It’s interesting to note if this support level will hold or if the sellers will target the pivotal $60K mark next.
More than $60 million worth of BTC derivatives positions were liquidated during the past 24 hours. Almost $40 million of these were long traders, which is somewhat expected, given the price slump.
Despite the market downturn during the last day, the sentiment across the board has remained more or less unchanged.Altcoins Tumble, Meme Coins Nosedive
Most of the altcoins, with a few slight exceptions, are trading in the red, albeit marginally. For example, ETH, BNB, XRP, BCH, and others from the large-cap tier, are down between 1 and 2%.
Meme coins, however, are giving back most of the gains they achieved yesterday to the market.
POPCAT, which was one of yesterday’s best performers, is down 17.5% today. PEPE, BONK, and WIF, are all down about 8-10%. These are also the cryptocurrencies that did worst in the last 24 hours.