The price of bitcoin is currently at $69,670.58, under pressure as cryptocurrency market liquidations have risen above $93 million, affecting key altcoins and causing traders to suffer large losses.
Bitcoin Drops to $69,670.58, Affecting Major Altcoins and Causing Crypto Liquidations Totaling Over $93 Million.
As per report, there is a notable downward pressure on the price of Bitcoin (BTC) at the moment, leading altcoins to record lows. The slump has caused Bitcoin to drop by 0.28% during the last day, to trade at $69,670.58. This small slip has resulted in a considerable drop in other cryptocurrencies, especially memecoins like Floki.
While Binance Coin (BNB) saw a 7.45% loss to $622.28 despite just hitting a new All-Time High (ATH), Ethereum (ETH) saw a 1.20% decline to $3,670.56 as the price of Bitcoin fell. XRP and Solana (SOL), two of the most well-known cryptocurrencies, fell by 0.53% and 1.53%, to $159.45 and $0.4960, respectively.
The majority of cryptocurrencies were associated with Bitcoin, with Toncoin (TON) being an outlier. At $7.176, the cryptocurrency backed by Telegram continued to rise by 1.28%.
The total cryptocurrency market liquidation has surpassed $93.68 million as a result of these BTC and altcoin developments. Within a day, 51,090 merchants were participating in this liquidation. With losses of almost $14.59 million, Bitcoin is leading this liquidation trend. With liquidations over $12.3 million and $4.2 million, respectively, Ethereum and Solana are ranked second and third.
Liquidations in the cryptocurrency market are nothing new because traders still use leveraged trading to protect their bets. In contrast to the market’s prior experience, the combined market liquidation is rising. Commentators are already speculating as to what might have caused the market reaction.
Bitcoin has all the necessary ingredients for a boom. At its two-day policy meeting, the US Federal Reserve is ready to announce a rate cut. Among the G7 central banks that declared similar rate cuts last week were the Bank of Canada and the European Central Bank (ECB).
G7 Rate Cuts Increase Institutional Investor Interest in Bitcoin and Open Doors for Growth for ETFs
The rate cuts by the G7 central banks have significantly accelerated the growth of risk assets, especially Bitcoin. Institutional investors may be drawn to the digital currency due to the decline in rates in important financial markets.
This investor group’s adoption of Bitcoin has been facilitated by the availability of Spot Bitcoin ETFs. The growth of the emerging asset is receiving support from a growing number of countries, including the US, UK, Australia, Hong Kong, and Thailand.
As a result, if the buildup of spot BTC ETFs and market indices continues, the Bitcoin recovery is expected soon.
