Bitcoin price remained above $66,000 for several days and pushed $67,000 several times without success. The ensuing rejection compounded the pain for bulls and those overleveraged in long positions, increasing the total value of liquidations by more than $200 million on a daily basis.
However, altcoins also have a big say in this matter, as many of them have fallen more than bitcoin.
Last week was quite painful for the major cryptocurrency as the asset fell below $60,000 on two separate occasions amid rising tensions between Iran and Israel.
Iran, which first said it would not retaliate, caused the price of bitcoin to gain a lot of value and rise to approximately $65,000 when the fourth halving was completed.
Since then, BTC has continued to gain value and rose above $67,000 on Tuesday and Wednesday morning. However, the bears stepped in at this point and reversed bitcoin's trajectory.
Within hours, the asset fell to $64,500 and another decline pushed it below $63,600, a multi-day low. Despite recovering a few hundred thousand dollars since then, BTC is still in the red, just above $64,000.
More painful declines are seen in Solana (-7%), Toncoin (-7%), Dogecoin (-7%), Avalanche (-10%), Shiba Inu (-8%) and many others.
Therefore, it is not at all surprising that almost 100,000 traders went bankrupt in the last day and most of them were holding long positions. The total value of liquidations on a daily basis at CoinGlass is just over $210 million.
#Binance #btc #Bitcoin #SEC #web3 $BTC
However, altcoins also have a big say in this matter, as many of them have fallen more than bitcoin.
Last week was quite painful for the major cryptocurrency as the asset fell below $60,000 on two separate occasions amid rising tensions between Iran and Israel.
Iran, which first said it would not retaliate, caused the price of bitcoin to gain a lot of value and rise to approximately $65,000 when the fourth halving was completed.
Since then, BTC has continued to gain value and rose above $67,000 on Tuesday and Wednesday morning. However, the bears stepped in at this point and reversed bitcoin's trajectory.
Within hours, the asset fell to $64,500 and another decline pushed it below $63,600, a multi-day low. Despite recovering a few hundred thousand dollars since then, BTC is still in the red, just above $64,000.
More painful declines are seen in Solana (-7%), Toncoin (-7%), Dogecoin (-7%), Avalanche (-10%), Shiba Inu (-8%) and many others.
Therefore, it is not at all surprising that almost 100,000 traders went bankrupt in the last day and most of them were holding long positions. The total value of liquidations on a daily basis at CoinGlass is just over $210 million.
#Binance #btc #Bitcoin #SEC #web3 $BTC