The crypto market made a surprising u-turn, chasing the price of Bitcoin (BTC) which plunged below $ 60,000.
BTC recently hit a daily low of $ 57,990, making it the lowest since October 15th.
However, the price of this crypto king bounced back and traded at $ 58,984, down more than 2% in 24 hours.
Analysts give expectations the price of Bitcoin has the potential to sink to lower levels of up to $ 50,000.
Not sure what invited the surprise this afternoon, but Capriole investment firm CEO Charles Edwards pointed a finger at institutional investors for sparking the crypto market turmoil.
Information from Bybt revealed over $ 500 million of crypto assets had been liquidated over the past hour and $ 856.9 million for the 24 -hour period.
Ethereum (ETH) recorded a decline of over 4% with trading value at the time of this writing, $ 4,033. While other altcoins:
Cardano (ADA): $ 2 (-8.34%)
Solana (SOL): $ 191.15 (-8.56%)
XRP: $ 1.03 (-8.62%)
Harmony (ONE): $ 0.32 (-14.80%)
Phantom (FTM): $ 2.93 (-14.41%)
Shiba Inu (SHIB) however remained resilient with a nearly 27%jump, trading at $ 0.00005344.
