Bitcoin's Value Plunge Triggers Over $661M in Crypto Trader Liquidations
Summary:
Bitcoin's value sharply dropped, triggering over $661 million in crypto trader liquidations and impacting nearly 200,000 traders. Bitcoin's value plunged 7.5% in a few hours, and though it rebounded slightly, it ultimately fell to around $67,500. Analysts suggest that the decline could be due to concerns over hot inflation data and declining ETF volumes. The decrease in value has also affected the cryptocurrency market capitalization, which has declined by 7.3% and led to a withdrawal of around $175 billion.
A sudden drastic drop in Bitcoin's (BTC) value has triggered a staggering total of over $661 million in cryptocurrency trader liquidations over the past 24 hours, impacting almost 200,000 traders. On March 15th, Bitcoin's value fell by 7.5% in mere hours, plummeting from $72,000 to $66,500. The digital currency managed a slight revival, reaching again the $68,000 mark, only to face rejection and fall back to approximately $67,500, per Tradingview data at the time of reporting. The price currently sees an 8.3% drop from the all-time high of $73,737 set on March 14.BTC/USD 1 hour. Source: Tradingview
Long positions accounted for the greatest number of the liquidations, comprising 80% or $525.2 million within the last 24 hours. Short position liquidations added up to $136.5 million. The cryptocurrency market capitalization has suffered a 7.3% reduction in the day, settling at $2.68 trillion following a departure of around $175 billion. Crypto derivatives tools provider, Greeks Live, indicated on X a shift in the market tempo. The organization further mentioned that the current narrative of ETF inflows might be losing momentum. Pav Hundal, the senior analyst at Australian cryptocurrency exchange Swyftx, suggested to Cointelegraph that the dwindling ETF volumes might prompt a correction back into the low $60,000 or high $50,000 range.
Mentioning the concerns of investors about rising inflation data, Hundal also noted that a considerable correction might be expected if there is a sustained decrease in ETF volumes. "CrediBULL Crypto", a crypto trader, and analyst, suggested to his 380,000 X followers that the current drop might be the anticipated dip. He suggested that BTC might face further lowering, bottoming out between $63,000 and $64,000.
This week's release of U.S. economic data has seemingly quickened the bitcoin decline. Freshly released Producer Price Index (PPI) data exceeding predictions has reignited speculations about lasting high rates from the Federal Reserve. Moreover, this week's Consumer Price Index (CPI), exceeding forecasts, appears to have augmented the economic struggles of the U.S. Asian stock markets also experienced a setback on Friday due to U.S. economic data quelling hopes of imminent interest rate ease.
Published At
3/15/2024 8:25:53 AM
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