Bitcoin Price Plummets, $880M in Liquidations as Investors Debate Future
Bitcoin's price has plummeted, leading to massive liquidations worth $880 million in the last 24 hours. This sudden drop has sparked debate among investors and raised questions about the cryptocurrency's future.
The price decline is partly attributed to market jitters following the success of Chinese AI company DeepSeek's new R1 model. Bitcoin's price has been volatile, with most liquidations, totalling $810 million, coming from long positions.
Despite the recent setback, Bitcoin remains the dominant cryptocurrency. Larry Fink, CEO of BlackRock, predicts a bullish future, forecasting new all-time highs of $700,000. Experts generally maintain a positive long-term outlook, citing Bitcoin's unique features and growing adoption. Some even anticipate a swift recovery due to its strong support from long-term investors.
Bitcoin's price drop has led to significant liquidations but hasn't shaken its leading position in the cryptocurrency market. While investors debate the best course of action, experts remain optimistic about Bitcoin's long-term prospects.
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