The past 24 hours saw enhanced volatility in the cryptocurrency market. Bitcoin managed to come on top, but the majority of altcoins are feeling the pressure.
Total liquidaitons across the entire sector also increased considerably, approaching the $260 million mark.
Bitcoin Price Plunges to $105K but Recovers
Starting with Bitcoin, the past 24 hours saw it tumble toward a local daily low at around $105,145, but as you can see on the chart below, the cryptocurrency managed to pull off a V-shaped recover.
As a result, it is currently trading at $107,720 and is up by almost 1% on the day.
This comes amid important economic developments in the US where Donald Trump’s “big beautiful bill” passed Senate and moves on to the next step of the approval process. If accepted, many speculate that it could have a positive effect on the cryptocurrency markets because it would alleviate tax pressure on retail investors, potentially freeing up capital for riskier investments.
Altcoins Feel te Pressure
While BTC managed to pull ahead following the increase in market volatility, the same is not true for many altcoins. The situation is mixed, but many altcoins dropped by more than 3% during the day, which is indicative of the current dynamices where Bitcoin is clearly dominant.
The best performer for today is PENGU – the native cryptocurrency of the Pudgy Penguins ecosystem, up by 6.3%. On the other side of the coin, we have Algorand’s ALGO, which is down 6.5%.
Coinglass also shows a 30% increase in liquidated positions across the derivatives markets, currently totaling around $260 million.
