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Crypto Market Update: Bitcoin Plunges to Two-Month Low

The cryptocurrency market kicked off the month of May on a bearish note, as Bitcoin’s price dropped to a two-month low of under $56,500.

This recent decline adds to the downward trend that started in April, making it Bitcoin’s most challenging month since the November 2022 crash triggered by the FTX exchange collapse.

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Market Downtrend

According to CryptoSlate’s data, Bitcoin’s price has dropped by approximately 8% in the last 24 hours, but has since slightly rebounded to $57,115 at press time.

Bitcoin’s downward movement is reflective of a broader market trend, with other major cryptocurrencies such as Solana, Ethereum, Cardano, and Avalanche also experiencing losses exceeding 7% during this period.

One standout performer among the top 20 cryptocurrencies by market capitalization was Polkadot’s DOT token, which recorded a modest gain of 0.41%.

Analysts attribute this market volatility to the recent hawkish policy shifts in the United States and waning interest in spot Bitcoin ETFs despite their recent launch in Hong Kong.

Markus Thielen, head of research at 10x Research, highlighted a unique aspect of this market correction, pointing out the differences in risk management approaches between institutional investors and retail traders.

Traders Liquidated for Over $450 Million

Data from Coinglass reveals that the market downturn led to the liquidation of over $450 million worth of positions held by 133,000 traders.

Long traders, who were betting on price increases, suffered the most significant losses, with approximately $390 million liquidated. In contrast, short traders with a bearish outlook on the market were liquidated for $65 million.

Bitcoin traders bore the brunt of the losses, totaling $163 million, with $142 million attributed to long positions and $20.95 million to short positions. Ethereum followed closely with liquidations totaling around $115 million.

Notably, the largest single liquidation took place on OKX, involving an ETH-USDT transaction valued at $6.07 million.

Traders speculating on the prices of Solana and Dogecoin also faced significant liquidations amounting to about $17 million and $15 million, respectively.

Despite Bitcoin’s attempted recovery to around $57,500, low liquidity and a high level of short leverage continue to keep the price suppressed.

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