Bitcoin and XRP Collapse, and This Whale Just Lost $17 Million

According to data provided by CoinGecko, the price of Bitcoin, the largest cryptocurrency, has crashed to $79,276, the lowest level since November. 

The flagship cryptocurrency is now down 26.6% from its record peak of $108,786. 

The bellwether cryptocurrency is down more than 6% over the past 24 hours alone. 

The majority of top altcoins have underperformed Bitcoin. The Ripple-affiliated XRP cryptocurrency has plunged by 8.2% over the past 24 hours. 

However, there are some signs that at least a short-term price bounce might be on the horizon.  

A whale loses $17 million   

Analytics firm Lookonchain has revealed that the whale who went long on Bitcoin two months ago has now lost more than $17 million. 

The whale is now on track to be liquidated if the price of the leading cryptocurrency collapses to $69,839.

A textbook correction? 

According to 10x Research, the cryptocurrency market correction was expected due to waning speculative momentum.

According to the firm, the shift in sentiment has “significantly dampened” retail speculation.