Bitcoin begins May with plunge to two-month low as crypto market sees widespread losses
Summary
Bitcoin's price dropped to a two-month low of under $56,500, with the overall crypto market experiencing losses. Major cryptocurrencies like Solana, Ethereum, Cardano, and Avalanche saw declines exceeding 7%. The market correction is attributed to hawkish policy shifts in the US and waning interest in spot Bitcoin ETFs. The downturn led to over $450 million in liquidated positions, with long traders suffering the most significant losses. Bitcoin is currently trading around $57,500, facing low liquidity and substantial short leverage.
