Thursday, April 18, 2024

Bitcoin Plunge Below $65,000 Triggers $125M Long Liquidations.

For the first time in almost ten days, Bitcoin, the cryptocurrency with the highest market capitalization, experienced a dip of about six percent, falling below the 65 thousand dollar threshold. A significant amount of liquidation occurred in derivatives markets as a result of the asset’s price decrease.

A number of alternative cryptocurrencies and meme coins experienced huge market declines as a direct consequence of the decline in the value of Bitcoin.

On the cryptocurrency exchange Binance, the price of bitcoin briefly returned below the $64,800 level, falling below $65,000 for the first time since March 6. The drop in the price of Bitcoin was significant since it resulted in the reduction of several long and short positions in derivatives markets.

According to the numbers that were provided by CoinGlass, the recovery of the asset led to the liquidation of long bets that cost total of $125 million, while short positions that cost total of $27.68 million were taken down. In spite of the fact that the price of Bitcoin dropped to $66,000 during the past week, it is likely that other currencies profited from capital rotation.

WIF, which is one of the major meme coins in the Solana ecosystem, along with holders of FLOKI and SEI, experienced losses as a result of the market-wide correction.

Throughout the course of Sunday, the price of Bitcoin crossed $65,000 for the first time. During the time that this article was being published, the asset that has the biggest market capitalization is currently being traded for price of $66,487.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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