Bitcoin’s price plummeted to $82,618 on Monday evening, leading to a 12% decline in the cryptocurrency market, which is now valued at $2.72 trillion. The intense sell-off resulted in $1 billion in liquidations, primarily affecting Bitcoin and other major digital assets, including Ethereum and Solana.

On Monday evening, Bitcoin’s (BTC) price fell sharply to $82,618, reflecting a notable decline within the larger cryptocurrency market. As a result, the total market capitalization for cryptocurrencies decreased by over 12%, bringing the overall valuation to approximately $2.72 trillion.

The trading landscape experienced significant turbulence, with Bitcoin and other digital assets facing intense sell pressure. The global trading volume for this session reached $175.84 billion, representing a 4% drop compared to the previous day, with Bitcoin alone accounting for $72.86 billion of that volume. By late evening, Bitcoin had recovered slightly to $83,634 after hitting a low of $82,618 within the last 24 hours.

Bitcoin has recorded a decline of 10.5%, while Ethereum (ETH) experienced a more severe drop of 16.5%. Furthermore, XRP decreased by 18.7%, and BNB slipped by 10.2%. Solana (SOL) faced a significant downturn, suffering a loss of 21.3%, while Cardano (ADA) saw a steep plunge of 27.4%. Meme coins, in particular, were notably affected, with Dogecoin (DOGE) dropping by 17.5%.

Other meme coins such as SNEK, MOG, and AI16Z endured even sharper declines of 29.29%, 28.24%, and 27.59%, respectively. POPCAT, TRUMP, and PNUT also posted considerable losses exceeding 20%. This extensive sell-off led to substantial liquidations across cryptocurrency derivative platforms, totaling $1 billion. Among these liquidations, $867.87 million stemmed from long positions, with BTC derivatives alone accounting for $310.55 million within the last day, impacting ETH, SOL, XRP, and ADA as well.

In summary, the cryptocurrency market experienced a significant downturn, with Bitcoin’s price dropping to $82,618 and a total valuation reduction exceeding 12%. The combined sell-off led to substantial trading volume and liquidations, particularly affecting Bitcoin, Ethereum, and various meme coins. As the market navigates this turbulence, stakeholders are advised to monitor developments closely.

Original Source: news.bitcoin.com

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