Crypto Market Plunges as Bitcoin and Altcoins Experience Major Losses

Bitcoin, ether, solana, and major altcoins started the Asia trading day with losses, experiencing volatility. Bitcoin dropped as low as 5% before recovering, while ether hit a low before climbing back up. Solana also saw a decline before bouncing back. The market index is down 4%, and there have been significant liquidations, with over $335 million in the last 12 hours. On-chain analyst Willy Woo predicts a potential correction in bitcoin prices down to $39,700, referring to the Bitcoin CME Gap at that level.