The cryptocurrency market is currently experiencing a phase of record-breaking liquidations, which is largely attributed to growing uncertainties among traders. Despite Bitcoin previously hitting highs above $100,000, recent market activities have dragged its price down to around $94,000.
This downturn indicates a substantial lack of confidence among market participants, leading to extensive sell-offs aimed at minimizing potential losses. Alongside Bitcoin, several altcoins have also suffered serious price declines.
Memecoins, in particular, have been remarkably affected, facing significant devaluation, which highlights the broader instability in the crypto ecosystem. Traders are keen to understand what lies ahead for both Bitcoin and altcoins.