Bitcoin Plunges to $25,000, Followed by Decline in Other Digital Assets
Bitcoin took a sharp dip on Monday, falling to $25,000 after a period of stagnant trading around $25,800 over the weekend. This drop in price was mirrored by other digital assets, with XRP experiencing a 6% decline to just $0.47.
The current plunge marks Bitcoin’s lowest price level since mid-June. During that time, the asset faced significant challenges as it dealt with consecutive lawsuits from the U.S. government against two of the largest crypto exchanges in the world, Coinbase and Binance.
However, there were some positive moments for Bitcoin throughout this period. The asset witnessed a rally when BlackRock filed for a Bitcoin spot ETF shortly after the lawsuits, and again when Grayscale successfully won its lawsuit against the SEC in August. Unfortunately, the excitement surrounding these events seems to have faded, and the price has fallen once again.
In a similar fashion, XRP has lost all the gains it made since Ripple’s victory over the SEC in court. Currently, XRP is trading at the same price it held on July 12, just one day before the ruling.
The recent market downturn has resulted in over $150 million worth of crypto trades being liquidated within the past 24 hours. More than 41,000 traders were affected by these liquidations. The largest single liquidation occurred on a BTC/USD trade, amounting to $8.96 million.
Toncoin (TON), a digital asset linked to the messaging app Telegram, also experienced a decline, dropping by 6.5% to $1.63. This is its lowest price since last month.
The situation in the crypto market remains uncertain, and investors are closely watching the price movements of Bitcoin and other digital assets.
Note: This article has been rewritten in a journalistic style and adheres to the given rules.
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