Why Is Bitcoin (BTC) Price Falling? Crypto Liquidation Exceeds $93 Million
Bitcoin (BTC) price is under very intense pressure, a trend that is driving altcoins to new lows. With the decline, Bitcoin price changes hands to $69,670.58, decreasing by 0.28% in 24 hours. This slight decline caused a deep decline in other altcoins, especially memecoins like Floki.
Bitcoin Decline Triggers Massive Liquidation
As the Bitcoin price fell, Ethereum (ETH) fell 1.20% to $3,670.56, while Binance Coin (BNB), which recently hit its all-time high (ATH), fell 7.45% to $622.28. Other leading altcoins such as solana (SOL) and XRP also fell 1.53% and 0.53% to $159.45 and $0.4960.
Toncoin (TON) showed an exception as the majority of altcoins correlated with Bitcoin. The Telegram-backed digital currency managed to rise by 1.28% to $7,176.
From these BTC and altcoin trends, the total liquidation of the crypto market exceeded $93.68 million. A total of 51,090 traders were caught in this liquidation in 24 hours. Bitcoin is leading this liquidation trend with losses of more than $14.59 million. Ethereum and Solana come in second and third with liquidations exceeding $12.3 million and $4.2 million respectively.
Crypto market liquidation is not new to the market as investors continue to hedge their bets through leveraged trading. Contrary to what was observed in the market before this period, combined market liquidation is increasing, causing experts to question what could be the root cause of the market reaction.
For what it’s worth, Bitcoin has the right incentives to rise. The Federal Reserve is preparing for a 2-day policy meeting that could see the announcement of a rate cut. Other central banks in the G7, including the Bank of Canada and the European Central Bank (ECB), announced similar interest rate cuts last week.
Bitcoin’s Return Is Coming Soon
These interest rate cuts by G7 central banks are important growth triggers for risky assets, especially Bitcoin. With interest rates lowering in critical financial markets, digital currency could become more attractive to institutional investors.
The gateway to BTC adoption by this class of investors has been created through spot Bitcoin ETF offerings. More countries, from the United States to the United Kingdom, Australia, Hong Kong and Thailand, are supporting the growth of the nascent entity.
As a result, Bitcoin’s recovery is imminent if market indices and spot BTC ETF accumulation continues.
Read More: Floki Name Service Goes Live, Will It Trigger FLOKI Price Rise?
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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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