Bitcoin (BTC) Price Drops to $65 Thousand, Liquidations Exceed $426 Million
This week’s decline in Bitcoin (BTC) price led to a decline that saw the cryptocurrency fall below the $66,000 support level for the first time since it breached the All Time High (ATH) above $73,000.
Bitcoin (BTC) Price Route
At the time of writing, market data pegs the Bitcoin price at $65,777.25, down 3.6% in 24 hours. There is evidence of market volatility as the current price of the cryptocurrency reached its daily high of $70,046.27 before it was minted.
Although many market experts reject this suggestion Bitcoin price correctionThe continued decline is taking a bigger toll on the altcoin herd overall. This is demonstrated by over 151,000 traders liquidated in the last 24 hours. The decline in price expanded the overall scope market liquidations It rose to $426.02 million, with Bitcoin experiencing the most liquidations.
In the past 24 hours, the Bitcoin price liquidation figure has exceeded $104 million; While long investors were wiped out the most, they lost $86.36 million versus $18.15 million for short investors. The losing streak was also reflected in Ethereum, with a total liquidation of $47.98 million between long and short investors of $32.79 million and $15.18 million respectively.
While the largest market altcoins are generally subject to liquidations, solana-based memecoin sensation is the latest MEME BOOK (BOME) was involved in the collapse. Pegged at $10.16 million, BOME’s liquidation was light, but given its relative age and smaller market cap, it lost more than more established alternatives such as Shiba Inu (SHIB), which was down $4.05 million.
Market Triggers to Watch
Although long-term investors are grappling with losses, the picture may reverse in the short term as many analysts expect a recovery soon.
Catalysts that could fuel this growth include the spot Bitcoin ETF market, whose steady capital inflows have helped sustain the decline in Bitcoin price so far. According to predictions, valuation will always remain high as Galaxy Digital CEO Mike Novogratz points out that BTC is on the rise as demand for Bitcoin ETFs continues. price finding mode.
Bitcoin halving It is also predicted that this event will help sustain the increase in demand for Bitcoin. This event will help reduce the reward rate for Bitcoin blocks and limit the supply of the coin overall, which could further trigger a price increase if demand continues.
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Benjamin Godfrey is a blockchain enthusiast and journalist who enjoys writing about real-life applications of blockchain technology and innovations to ensure mainstream acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain-based media and sites. Benjamin Godfrey is a lover of sports and agriculture. follow him excitementLinkedIn
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
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