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Nearly $200M Liquidated as Bitcoin Falls Below $61K
Nearly $200M Liquidated as Bitcoin Falls Below $61K
In a turbulent 24-hour trading session, the cryptocurrency market saw nearly $200 million wiped out in liquidations as the price of Bitcoin fell below $61,000This sharp decline triggered a wave of liquidations, affecting many investors and traders.
Market Crash and Cryptocurrency Liquidation
The overall market valuation fell by about 2.7% to around $2.34 trillion, highlighting the high volatility and stress in the market.
Bitcoin, the leader of the decline, lost 1.3% on the week, with a sharp 2.8% decline on the last day. This decline has not only reduced the value of many investors’ portfolios, but has also led to substantial losses for traders through liquidations.
Data Coinglass’s report highlights the scale of the carnage, with 59,816 traders liquidated and total liquidations amounting to $170.72 million.
The liquidations came predominantly from long positions, suggesting that many traders were expecting the market recoveringBitcoin traders faced liquidations of around $45.76 million, while Ethereum and Solana traders faced liquidations of $44.55 million and $11.09 million, respectively.
The arena for these liquidations was on major exchanges such as Binance, OKX, Huobi, and Bybit, with Binance traders bearing the brunt, with $74.77 million.
While other exchanges like OKX, Huobi and Bybit have experimented significant liquidationsamounting to $54.29 million, $19.28 million, and $12.93 million, respectively. While smaller exchanges also faced liquidations, they saw a relatively smaller impact.
Analysts’ View on Bitcoin’s Current Performance
Despite the current crisis, some market analysts stay optimistic on Bitcoin’s prospects. PlanB, a respected figure in the cryptocurrency community, reaffirmed that the bull market is still ongoing, which suggests that the underlying on-chain metrics are not showing any anomalies that could indicate a prolonged bear market.
Additionally, cryptocurrency analyst Ali recently suggested on Elon Musk’s social media platform X that this might be a good time to buy Bitcoin, predicting a market recovery.
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The TD Sequential, which told us to buy #Bitcoin at $60,000 on June 28 and selling at $63,200 on July 1, is telling us to buy $BTC Still! photo.twitter.com/JJzQtVJcBh
— Ali (@ali_charts) July 3, 2024
Additionally, prominent Bitcoin proponent Samson Mow has highlighted the importance of Bitcoin in addressing fundamental economic issues, suggesting that fixing monetary systems could be the key to broader economic recovery.
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Governments, you can’t fix the economy because money is broken. You have to fix money first. #Bitcoin
— Samson Mow (@Excellion) July 3, 2024
His views highlight Bitcoin’s potential not only to recover but also to reach new heights in the financial landscape.
Featured image created with DALL-E, chart from TradingView