Bitcoin saw a sharp drop on Tuesday, plunging to $61,455 from its recent high of $65,103 just days earlier. Now at $59,000, BTC has recovered slightly. This swift downturn rattled the crypto market, leading to a wave of liquidations totaling $20.28 million in Bitcoin long positions and $40.29 million in Ether longs.
The sudden decline underscores the volatility within the cryptocurrency market.
Experts suggest that BTC could further drop to $52,000, highlighting the risks involved in crypto investments and the potential challenges for it to be considered a stable reserve asset.
