Bitcoin drops sharply to $58 thousand

The cost of bitcoin fell sharply on Wednesday: in just ten minutes, the cryptocurrency fell in price by more than $2 thousand – from the area near $62 thousand to $58.4 thousand.The current BTC/USD quote is $ 58.66.

On October 20, the most popular cryptocurrency updated its historical record, reaching $67 thousand. Some analysts suggest that after the current correction, bitcoin will go up again and the price may even reach $100 by the end of this year. Including due to the rise in inflation around the world.

Today's decline in bitcoin led to the liquidation of positions of crypto traders in the amount of over $548 million. The volume of liquidated positions per day amounted to $840 million. Against the background of this fall, alternative coins also fell in price. For example, the price of Ethereum fell to $3.9 thousand (a 7% decrease per day), and traders who traded ether lost about $244.5 million.