The price of Bitcoin (BTC) on the cryptocurrency market took a dip once more, falling to $64,000. This decline came after a brief recovery from the price fluctuations caused by the latest political conflicts in the Middle East.
Bitcoins strong hold above $66,000 for several days was challenged when it encountered resistance, causing a drop in price. This decline put pressure on optimistic investors and traders holding long positions, resulting in significant liquidation events totaling over $210 million according to CoinGlass data.
BTC Drop Leads to Massive Liquidations
In the last 24 hours, around 91,704 crypto traders saw their leveraged positions get liquidated. Traders who went long suffered the most significant losses, with approximately $178 million in trades being liquidated on Ethereum (Ether) and Solana (SOL) among other layer-1 blockchains.
During the same timeframe, data from CoinGlass indicated that short sellers suffered losses exceeding $32 million. The biggest chunk of these liquidations occurred on OKX crypto exchange, totaling approximately $5.66 million.
In just the previous hour, a total of $132.28 million in losses were racked up by long and short crypto traders individually. At present, the entire crypto market is valued at $2.37 trillion, representing a 3.97% drop over the last 24 hours.
Broader Crypto Market Performance
The drop in Bitcoin’s price to $64,000 caused ripples throughout the cryptocurrency market, resulting in more significant declines for many altcoins.
Over the past day, Solana’s price dropped more than 7% to approximately $146 per token. Likewise, other cryptocurrencies including Toncoin, Cardano, Avalanche, Polkadot, and Bitcoin Cash experienced substantial decreases of around 7%, 6.35%, 9.91%, 7.5%, and 6.07% respectively.
The prices of Dogecoin (DOGE) and Shiba Inu (SHIB), which are popular memcoins, dipped by 7.20% and 8.38% respectively during this period.)
Bitcoin ETF Traders Seek Safety Amid Crypto Turmoil
Amidst the carnage in the cryptocurrency market, traders of Bitcoin ETFs, including Grayscale’s GBTC, are rushing to minimize their losses and unloading their holdings. SoSoValue reports reveal that over $130 million worth of assets were withdrawn from GBTC within a 24-hour period.
In contrast to the large withdrawal from Grayscale, Fidelity’s Bitcoin ETF (FBTC) experienced an impressive influx of approximately $5.61 million during the same timeframe. This is the biggest inflow among all US-listed Bitcoin spot ETFs.
In a similar fashion, Ark Invest’s ETF, ARKB, and 21Shares experienced significant daily inflows totaling $4.17 million.
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2024-04-25 11:45