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Bitcoin's price is under pressure, trading at $69,670.58, while crypto market liquidations have surged past $93 million, impacting major altcoins and resulting in significant losses for traders.
Bitcoin Drops to $69,670.58, Leading to Over $93 Million in Crypto Liquidations and Impacting Major Altcoins
According to CoinGape, the price of Bitcoin (BTC) is currently experiencing significant pressure, causing altcoins to hit new lows. Due to the drawdown, Bitcoin has decreased by 0.28% in the past 24 hours and is currently trading at $69,670.58. Other altcoins, particularly memecoins such as Floki, have experienced a significant decline due to this minor slip.
Ethereum (ETH) experienced a 1.20% decline to $3,670.56 as the Bitcoin price plummeted, while Binance Coin (BNB) experienced a 7.45% decline to $622.28 despite recently achieving a new All-Time High (ATH). Solana (SOL) and XRP, among the most prominent altcoins, also experienced a 1.53% and 0.53% decline, respectively, to $159.45 and $0.4960.
Toncoin (TON) was an exception, as the preponderance of altcoins was correlated with Bitcoin. The digital currency backed by Telegram sustained its increase by 1.28%, reaching $7.176.
Due to these BTC and altcoin trends, the combined crypto market liquidation has exceeded $93.68 million. This liquidation involved 51,090 merchants within 24 hours. Bitcoin is at the forefront of this liquidation trend, with over $14.59 million in losses. Ethereum and Solana are ranked second and third, with liquidations exceeding $12.3 million and $4.2 million, respectively.
Crypto market liquidations are not novel, as traders continue to hedge their wagers through leveraged trading. However, the combined market liquidation is increasing, contrasting the market's previous experience. This has led commentators to speculate about the potential cause of the market reaction.
Bitcoin has the appropriate incentives to experience a surge. The United States Federal Reserve is prepared to proclaim a rate cut during its two-day policy meeting. The Bank of Canada and the European Central Bank (ECB) were among the central banks in the G7 that announced comparable rate reductions last week.
G7 Rate Cuts Boost Bitcoin Appeal to Institutional Investors, Spot ETFs Pave Way for Growth
The G7 central banks' rate cuts are significant growth catalysts for risk assets, particularly Bitcoin. The decreased rates in critical financial markets may make the digital currency more appealing to institutional investors.
Spot Bitcoin ETF offerings have established a pathway for this demographic of investors to adopt BTC. More nations, including the United States, the United Kingdom, Australia, Hong Kong, and Thailand, are supporting the development of the nascent asset.
In conclusion, the Bitcoin rebound is imminent if the accumulation of spot BTC ETFs and market indices persists.
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