The crypto market has experienced a significant downturn, with both Bitcoin and leading alternative coins suffering severe losses. Michaël van de Poppe, CIO and Founder of MN Trading Consultancy, recently shared his thoughts on X, expressing surprise at the market’s unexpected fall and reaffirming his decision not to sell his positions in altcoins. This steep decline has resulted in substantial liquidations, with Bitcoin falling below $54,000 for the first time since February 2024.
Bitcoin, the primary crypto, saw its price dip below $54,000 earlier today, marking its lowest point since February. This dramatic drop has led to the liquidation of nearly $700 million in positions, severely impacting over-leveraged traders. Additionally, the market’s overall capitalization has plummeted to $2.07 trillion, reflecting an 8.6% decrease over the last 24 hours. Consequently, the significant downturn has not only affected Bitcoin but has also led to widespread panic among investors.
Leading alternative coins such as Ripple (XRP), Binance Coin (BNB), and Cardano (ADA) have recorded more substantial losses compared to Bitcoin. Ripple’s native token, XRP, for instance, dropped to a one-year low of under $0.40.
Furthermore, the meme coin sector, including Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), Floki Inu (FLOKI), and Brett (BRETT), has lost almost 20% of its total market capitalization. The widespread decline in altcoins highlights the broader impact of the market downturn, with these digital assets performing worse than Bitcoin.
Bitcoin ETFs Anticipate Volume Recovery Following US Market HolidayMichaël van de Poppe described the situation as “capitulation time,” noting it as the largest liquidation event since FTX’s collapse. He mentioned the Mt. Gox wallet movements as a significant news event influencing the market.
Despite the dramatic fall, van de Poppe advised against panic selling, emphasizing the importance of sticking to one’s investment strategy. He reaffirmed that his plan remains unchanged, and he will not be selling his positions in altcoins despite the market turmoil.
