Crypto Market Tumbles as Bitcoin Faces Largest Single-Day Liquidation Amid Volatility

Why Crypto is Down Today: Analyzing Key Factors Behind the Downtrend

The cryptocurrency market recently experienced a significant downturn, with over $489 million in total liquidations as Bitcoin and most altcoins saw their prices plunge. According to AMBCrypto News, this decline was fueled by forced selling from long liquidations and profit-taking activities. The weekend volatility exacerbated these effects due to typically lower trading volumes during such times. Data revealed that more than 186,000 traders were affected, particularly those holding leveraged long positions.

Bitcoin's price oscillated between $57,000 and $60,000 within 24 hours while Ethereum dropped by 1.39% to trade at $3,383. Coinglass data highlighted that Bitcoin recorded its largest single-day liquidation of $56 million among cryptocurrencies like Ethereum and Dogecoin which also faced substantial losses. Despite the correction seen in recent days, market sentiment remains bullish with an "extreme greed" index value of 82 suggesting potential for further corrections if intense profit-taking continues.

Ripple’s XRP Eyes New Heights Amid WisdomTree ETF Registration

XRP has surged over 7%, driven by news from FXStreet about WisdomTree filing for an XRP Exchange-Traded Fund (ETF) registration in Delaware. This move aligns Ripple alongside other firms interested in launching similar financial products amidst expectations of lenient regulations following SEC Chair Gary Gensler's retirement announcement next year.

This development comes after WisdomTree launched a low-cost Physical XRP ETP across Europe offering direct spot exposure on exchanges there too; optimism surrounding Donald Trump's return adds fuel given his campaign promises towards positive crypto regulation changes ahead potentially benefiting projects like Ripple significantly moving forward into future markets globally beyond just US borders alone.

Bitcoin Faces Potential Correction After Recent Slide Below Key Level

Benzinga reports indicate bearish signals emerging around Bitcoin as it slides below critical resistance levels near all-time highs previously reached earlier last month before falling back down again sharply since then amid ongoing concerns regarding broader economic conditions worldwide impacting investor confidence negatively. Some analysts remain optimistic about the longer-term prospects despite short-term challenges.

Ethereum Reclaims USDT Dominance Against Tron After Two Years

A report from Cointelegraph reveals how Ethereum reclaimed its position against Tron, once more becoming the dominant blockchain hosting Tether stablecoin transactions. This surpassed previous records set two years ago, thanks largely to increased supply growth rates observed throughout the past week, marking a major milestone achievement celebrated widely amongst enthusiasts.

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