In the wake of significant market volatility, Bitcoin plunged to a new monthly low of $64,000 on Monday. This price drop, which saw the cryptocurrency lose over $3,000 in value in just a few minutes, was the lowest since May 15. Despite this, Bitcoin has since rebounded and is currently trading close to $66,000.

Altcoins experienced similar fluctuations, with substantial price drops across the board. Notably, SHIB and DOGE are still down by around 10%, while SOL, AVAX, LINK, ADA, and DOT have fallen by 7-9%. Ethereum also suffered, dropping to $3,450 after falling to $3,330 earlier in the day.

This heightened volatility has had a significant impact on over-leveraged traders. Over 190,000 traders have been liquidated in the past day, with the total value of liquidated positions exceeding $480 million. The largest single liquidated order, worth $6.44 million, involved the ETH/USDC trading pair on Binance.

Despite these market fluctuations, the long-term outlook for the cryptocurrency market remains optimistic. The inherent volatility of the sector presents both challenges and opportunities, and the resilience of digital assets in the face of these price drops underscores their enduring appeal.