Price Point: After almost reaching highs of $25,000 earlier this week, bitcoin has dropped to $21,400, and crypto traders suffered $600 million of liquidations of leveraged bets because of margin calls.
Bitcoin (BTC) plunged the most in two months, falling in sync with traditional markets amid renewed fears that the Federal Reserve and other central banks will become more aggressive in fighting inflation.
The move brought a decisive end to hopes in the past month that the world’s largest cryptocurrency might stage a recovery following the price crash in May and June.
The price has tumbled 9.3% over the past 24 hours to about $21,400, just days after crypto analysts had been salivating over the prospect of a push past $25,000.
According to Coinglass, crypto traders had $600 million of liquidations of leveraged bets because of margin calls.
Ether (ETH), the second-biggest cryptocurrency, which had gained in recent weeks from ebullience ahead of an upcoming software update on the...
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