After falling below $30,000 overnight, Bitcoin has recovered

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BTC’s entire market value surpassed $640 billion, increasing around $100 billion from the previous day’s lows.

Bitcoin, the world’s most popular cryptocurrency, has seen a dramatic price recovery in the previous 12 hours, with its entire market value reaching $640 billion, up almost $100 billion from recent lows. Bitcoin fell below $29,000 for the first time since January 2021 yesterday. BTC has gained more than 15% in the previous 12 hours, according to CoinMarketCap. The recent price rebound has also resulted in a considerable increase in Bitcoin’s overall market dominance.

Bitcoin fell below $30,000 for a brief period.

After dropping below $30k today, Bitcoin was momentarily below half of its all-time high value, which it reached just two months ago. Because of the volatility, BTC has only dropped -4.5 percent in the last three days. The recent market instability sparked massive crypto market liquidations. More than 200,000 trading positions were liquidated in the previous 24 hours, according to Bybt.com. On Twitter, the crypto analytics platform Santiment stated that the latest downturn resulted in the liquidation of almost $600 million in Bitcoin holdings.

In a single day, Ethereum witnessed $184 million in liquidations.

Ethereum, the world’s second-largest cryptocurrency, finished second place with $184 million in one-day liquidations, trailing bitcoin. In the previous 24 hours, more than $1 billion in liquidations were recorded. The overall number of active Bitcoin addresses has decreased by about 25% during the last several weeks, according to Glassnode, a significant on-chain market intelligence business. The current drop in bitcoin’s price is ascribed to China’s ban on bitcoin mining, as several mining pools leave the country. Because of its environmental effect, bitcoin mining has been a source of worry for governments worldwide.

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