Bitcoin Price Plunge: Latest Liquidation Data and Reasons Behind the Drop
The recent sharp decline in the price of Bitcoin (BTC), the world’s leading cryptocurrency, has left many wondering about the cause. Here is the latest update and liquidation data.
Author:
Mete Demiralp
24.06.2024 – 16:18
Update:
5 seconds ago
The cryptocurrency market experienced a significant downturn today, with Bitcoin leading the way.
The price of the largest cryptocurrency in the world has dropped to $60,567, a level not seen since the beginning of May, and is currently trading at $60,734. The daily decline rate for BTC stands at approximately 4%.
A chart displaying daily candles reveals the performance of the BTC price.
During the period of Bitcoin’s loss, the price of gold increased by 0.32% in the last 24 hours, reaching $2,328.
The main reason behind the drop in BTC price is the announcement that the former cryptocurrency exchange Mt. Gox, which suffered a major hack and lost thousands of Bitcoins years ago, will start paying BTC and BCH to its creditors. Prior to this development, the BTC price was on a downward trend, gradually moving away from the $70,000 level.
The decline rate in BCH, another cryptocurrency that the bankrupt exchange will distribute to its creditors, was approximately 8%.
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The decline is attributed to the expectation that creditors will sell their assets. Additionally, the German government’s recent decision to transfer its BTC to cryptocurrency exchanges has further fueled the drop.
Concurrently, the decline in BTC price led to the liquidation of numerous futures positions. A total of $313 million worth of crypto assets were liquidated in the last 24 hours, with $277 million coming from short positions.
Sudden declines were observed in almost all altcoins, with the exception of a few such as Fantom, Injective, LEO, WIF, TIA.
*This is not investment advice.
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