Sat. Jun 22nd, 2024

Bitcoin Nose Dives under $39,000 triggering $115M liquidation in 1 hour

By Nsikanabasi Edet Jan23,2024
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Bitcoin’s dip below the $39,000 mark results in significant liquidations totalling approximately $115 million in just an hour.

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Blood Bath?

In the last 24 hours, BTC declined by 4%. It reached a two month low of $38,553 slashing its market cap by around $40 billion to settle at $767 billion. 

Analysts have suggested that Bitcoin’s current price trend could persist until the end of the month, partly influenced by the US Treasury’s quarterly refunding announcement.

Ethereum, the leading altcoin, also witnessed a 6% drop, reaching  a weekly low of $2,230. The decline in ETH’s price has been variously attributed to substantial selling pressure from its Foundation and fund movements related to the distressed crypto entity Celsius.

Celsius transferred around 13,000 ETH (approximately $30.87 million) to Coinbase and 2,200 ETH (roughly $5.12 million) to FalconX, while the Ethereum Foundation sold $1.6 million of the digital asset.

Longs and Shorts Burnt

Data reveals that traders who had long positions open at the time, lost a toltal of $115 million in liquidations in an hour alone. With the time frame extended to 24 hours, long traders’ losses amounted to nearly $300 million.The bears incurred $38 million in losses during this reporting period.

Similarly, Ethereum traders faced total liquidations of around $70 million, with the majority of losses stemming from long positions. Traders holding positions in other major digital currencies also experienced substantial losses, with Solana, XRP, Dogecoin, and Ordinal seeing liquidations of $16 million, $4 million, $5 million, and $6 million, respectively.

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