Bitcoin Price Crashes Below $57K as Total Liquidations Exceed $200 Million
Bitcoin’s price is crashing, leaving millions in liquidations.
Bitcoin’s price has been crashing in the past 24 hours, charting a decline of around 3.6% on the day. This brings BTC’s weekly losses to above 4%, as the cryptocurrency is currently dipping below $57,000.
Interestingly enough, the stock market is experiencing a considerable uptick during the same period. The SP 500 is up almost 2% on the day, while NASDAQ is also charting 0.6% gains.
The rapid decline in Bitcoin’s price was quite possibly caused by the fact that 10K BTC was moved from a known US Government wallet to a Coinbase Prime deposit wallet. In addition, on Tuesday, BitGo moved $2 billion worth of Mt. Gox BTC, sparking worries of increased selling pressure.
That said, Bitcoin’s crash below $57K triggered liquidations upward of $200 million across the derivatives market.
Most of the positions were long traders, which is to be expected during a downward move. That said, ETH derivatives traders suffered the most, accounting for $70 million of the total liquidations. Ethereum is down 4.6% in the past 24 hours.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Trump says US economy faces transition with 60% recession risk

Bitcoin Reaches $97K Amidst Sluggish Network Activity: Time for Investor Alarm?
Unpacking the Paradox: Skyrocketing Bitcoin Values Amidst Noticeable Downturn in Network Activity

XRP price risks 45% decline to $1.20 — Here is why
Ethereum Analyst Foresees 2025 Breakout Despite Market Trends
Trending news
MoreCrypto prices
More








