Bitcoin Faces Sharp Decline Over the Weekend, Triggering Massive Liquidations

cropped-Tesla-Block-and-Blockstream-to-mine-bitcoin-off-solar-power-in-Texas.webp

Bitcoin’s value plummeted this weekend, dropping below $62,000 after starting the day near $67,000. The sharp 7.7% decrease led to extensive market liquidations, with total cryptocurrency liquidations nearing $1 billion on Saturday alone. Read more about the rapid sell-offs and market responses.

Over the weekend, the price of bitcoin saw further declines, falling an additional 7.7% in the last 24 hours and reaching a low of $61,384 per coin, which caused a significant number of leveraged liquidations on Saturday.

cropped-Tesla-Block-and-Blockstream-to-mine-bitcoin-off-solar-power-in-Texas.webp

Bitcoin’s Value Drops Amidst Market Turbulence; Extensive Liquidations Occur

As of 4:00 p.m. Eastern Time on Saturday, the price of bitcoin (BTC) fell below the $62,000 mark, having earlier been close to $67,000 during the morning trading hours. The cryptocurrency saw a rapid 7.7% decrease over three hours, initiated by intense panic selling that began at 1:00 p.m. Over the past two weeks, bitcoin has experienced an 8.7% decline against the U.S. dollar, while its trading volume for the day surged to $41.63 billion.

By 4:15 p.m., the price had somewhat stabilized, holding just above $62,000 and making several attempts to rise into the $63,000 bracket. Despite some recovery attempts within this three-hour period, bitcoin’s value diminished by $4,500. Hourly liquidations from long bitcoin positions led to $167.13 million being erased, with total liquidations in the cryptocurrency market on Saturday approaching $1 billion. At this point, the 24-hour liquidation total was recorded at $697.07 million, including $598.91 million from long positions.

Shortly after, at 4:25 p.m., the price dipped again below the $62,000 threshold, leading to more leveraged liquidations. The day saw 219,299 traders experiencing liquidation. The ongoing selling pressure could potentially drive BTC prices even lower, continuing a cycle that accelerates the downturn. Such rapid sell-offs are often driven more by emotional reactions than strategic considerations, prompting more traders to sell in an effort to reduce losses. Additionally, bears are likely to exploit this situation. At 4:45 p.m. on Saturday, BTC was trading at $62,777 per coin on Bitstamp.

Also Read, Bitcoin Faces Volatile Market: $871 Million in Liquidations as Price Dips Sharply

BlackRock’s IBIT Bitcoin ETF Hits $15 Billion in Inflows Just Three Months After Launch

Bookmark and Follow us for More Business News

Pooja Chauhan

Pooja Chauhan: Your Source for Entertainment and Box Office News Pooja Chauhan is a passionate writer and dedicated journalist specializing in delivering the latest updates and insights from the world of entertainment and box office. With a keen eye for detail and a deep love for cinema, Pooja brings her readers accurate and engaging coverage of all things related to movies, celebrities, and the dynamic world of showbiz. Her commitment to keeping her audience well-informed and entertained makes her a valuable voice in the realm of entertainment journalism. When she's not busy uncovering the latest scoops, Pooja enjoys exploring classic films and indulging in creative writing." Contact us: admin@bollywoodfever.co.in

Leave a Reply