The overnight volatility surge of Bitcoin (BTC) on Friday has sent cryptocurrencies to a record six-month low. Data from Cointelegraph Markets Pro and TradingView shows that BTC is reversing at USD 38,250 after losing more than USD 4,000 in time. Investors were upset by the sudden drop.Therefore the liquidation across the trading platform was important. The majority of the losses were long positions. As Cointelegraph reported, the maturity of Friday’s options included nearly USD 600 million in open interest and was considered the main cause of volatility. In contrast, external triggers such as Russia’s proposed crypto trading and total ban on mining seemed to have little or no impact.
CoinTelegraph contributor Michaelël van de Poppe explained that
“Because USD 42.4- 42.7K couldn’t continue to hold for Bitcoin, so a nuke towards the other side of the region and, most likely, continuation towards even further downwards momentum and lower lows -> happened.”
Altcoin, on the other hand, was hit hard by the fall in Bitcoin. The top 10 cryptocurrencies by market capitalization have fallen 10 percent in a day while the withdrawals were also limited. Only Terra (LUNA) cryptocurrency has a loss of less than 5 percent.
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