Crypto Market Plummets, Bitcoin Drops Below IDR 955 Million

The crypto market has slumped, Bitcoin has fallen below Rp955 million (Photo; Doc. Technotoday)

JAKARTA - The crypto market experienced significant turmoil again on Sunday, with the value of Bitcoin (BTC) falling below the psychological threshold of 60,000 US dollars (IDR 955 million) and hitting a low of 58,315 US dollars (IDR 928 million). This decline is part of a broader trend in the crypto market, where the total market value has fallen by 3.18% in the last 24 hours, reducing its market capitalization to 2.06 trillion US dollars (IDR 32.7 quadrillion).

This price drop also marks a 13.9% loss for Bitcoin in the last two weeks, indicating that the crypto market is facing significant selling pressure. Not only Bitcoin, Ethereum (ETH), but numbers of other major cryptos have also experienced a decline. ETH, for example, fell to a price of 2,540 US dollars (IDR 40 million) after previously reaching 2,720 US dollars (IDR 43 million).

The main highlight of this decline is the major impact on the crypto derivatives market. Based on data from coinglass.com, 54,744 traders were liquidated, with a total value reaching 132.49 million US dollars (IDR 2.1 trillion). Of that amount, 102.33 million US dollars (IDR 1.6 trillion) came from long positions, with Bitcoin contributing 25.95 million US dollars (IDR 413 billion) of the total loss. Ethereum also contributed significant losses, with its liquidated long positions reaching 22.84 million US dollars (IDR 363 billion).

This mass liquidation phenomenon illustrates how volatile the crypto market is, especially amid unstable market sentiment. The largest liquidation occurred on the Okx exchange, where a single Ethereum transaction caused a loss of 2.17 million US dollars (IDR 34 billion).

Market observers warn that this volatility could continue, given the increasing selling pressure and the market sentiment that tends to be negative. In conditions like this, investors and traders are reminded to be careful in taking positions, given the high risk and potential for large losses that can occur in a short time.