Bitcoin Sees Sharp Plunge Followed by Quick Recovery Amidst Market Volatility
Bitcoin Sees Sharp Plunge Followed by Quick Recovery Amidst Market Volatility
Bitcoin experienced a significant dip to $100,800, shedding 4.2% in 24 hours and triggering over $610 million in liquidations. However, the cryptocurrency quickly recovered to $103,000, reversing some of the losses from the market wipe, indicating a volatile but resilient period for the leading digital asset.
Bitcoin's Volatile Day: Plunge and Recovery
On November 12, Bitcoin (BTC) encountered a dramatic price fluctuation, initially falling to $100,800, which represented a 4.2% decrease within a 24-hour period. This significant downturn contributed to a broader crypto market loss of approximately $65 billion and, notably, triggered substantial liquidations exceeding $610 million in leveraged positions, according to Coinglass data. The most intense period of the sell-off occurred during US trading hours, erasing overnight gains.
Despite the sharp decline, Bitcoin demonstrated resilience by swiftly recovering early the following morning, climbing back to $103,000. This bounce-back suggests a quick reversal from the initial plunge, highlighting the inherent volatility and rapid recovery potential often seen in the cryptocurrency market.