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Enormous $670 Million Destroyed on Market in 24 Hours as Bitcoin (BTC) Lost $55,000

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Market took unexpected hit thanks to Mt. Gox-triggered liquidation cascade

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions.

The enormous selling volume we are currently seeing is beyond the capacity of the market's liquidity. Due to the lack of liquidity, even modest sales volumes may have a significant effect on the price. It will be a difficult journey to recovery. It is unlikely that there will be a rapid recovery because of the large liquidations, large sell-offs from institutional and governmental sources and negative market sentiment overall. Preparing for a midterm bearish market might be a wise decision here.Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future.

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