While Bitcoin’s volatility has been increasing the confidence of the holders lately, the latest move has surprised the market. The recent statistics show that the biggest crypto token has suddenly dropped to a low of nearly $66,000. The respective development may come as a shock for the community members.
Bitcoin Falls to $66,000, $201 Million Liquidated in 2 Hours
Amid this crypto market bloodshed, $BTC is not the only crypto token that has seen such a significant dip. The 2nd-largest crypto $ETH has also experienced a decline. The data shows that the token plunged to nearly $3,319. The possible reasons that the reports point out in this respect take into account the CME Gap at $64,000. The top token may see a fluctuation within the range of 20% and this is just a part of its preparation for the upcoming leg up towards $80k.
The whole network reportedly went through a huge liquidation of above $157 million. Apart from that, the long orders saw a liquidation of more than $144 million. SoSoValue, a popular platform that provides data and analytics concerning crypto, has also discussed this development. According to it, there is a close relationship between the US treasury yield as well as the price of the top crypto asset.
BTC Price Negatively Correlates with US Treasury Yield
The analytics provider added that the 10-year treasury yield of the United States and Bitcoin share a negative correlation. According to SoSoValue, the recent six months have seen the respective correlation at almost -90.61%. Moreover, the platform asserted that the 10-year Treasury bond profit has recently spiked to 4.3. The respective sharp rise has had a significant influence on the BTC price. As a result of this, the price of Bitcoin slumped by over five percent just within the past twenty-four hours.
Read Also: Bitcoin Likely to Experience Another Price Correction: CryptoQuant
Apart from this, the crypto losers include altcoins like $ETHFI and $GFT both going down by 18%. On the other hand, $GHST and $XVG didn’t pay attention to the rest of the market and printed profits of 48 and 39 percent respectively.