Bitcoin Falls to $62,000 as Meme Coins Nosebleed in Latest Cryptocurrency Drop (Market Watch)

The cryptocurrency market remains volatile and the battle between buyers and sellers is intensifying. After yesterday’s bounce, most coins are currently trading in the red, going through a correction that wiped out all recent gains.

This has led to an increase in derivatives settlements, which currently stand at $230 million, as well as a decrease in market sentiment.

The withdrawal follows news that the US Bankruptcy Court for the District of Delaware has approved FTX’s reorganization plan, under which creditors will receive between $14.7 billion and $16.5 billion in recovered assets.

Bitcoin price drops to $62,000

The price of Bitcoin has been on a rollercoaster for the past 24 hours. It rose to $64,400 yesterday, but the bears quickly got involved.

They managed to bring the asset to a low of $62,000 just a few hours ago. At the time of writing, BTC is trading at $62,300. It will be interesting to see if this support level will hold or if sellers will next target the pivotal $60,000 mark.

Source: TradingView

More than $60 million in BTC derivatives positions were liquidated in the last 24 hours. Almost $40 million of those were long traders, which is to be expected, given the fall in prices.

Despite the fall in the market over the past day, overall sentiment has remained more or less unchanged.

Altcoins Tumble, Meme Coins Nosedive

Most altcoins, with a few small exceptions, are trading in the red, albeit marginally. For example, ETH, BNB, XRP, BCH and others in the large cap level, are down 1-2%.

Meme coins, however, are giving most of the gains they made yesterday back to the market.

Source: QuantifyCrypto

The POPCAT, which was one of the best results yesterday, is down 17.5% today. PEPE, BONK and WIF are down between 8 and 10%. These are also the worst performing cryptocurrencies in the last 24 hours.

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