The price of the world’s largest cryptocurrency by market cap has fallen to its lowest level since February, triggering a series of liquidations worth hundreds of millions of dollars.
As a result, liquidations of long positions, or expectations of a price increase, have surged to over $500 million over the previous 24-hour period, according to CoinGlass. Data.
This is the biggest daily decline in the cryptocurrency market since mid-April, and an additional $80 million in short positions were liquidated.
This comes as Bitcoin fell to a low of $55,000 late Thursday. The coin has since recovered some of its losses to around $55,550, according to CoinGecko. Data Offers.
Bitcoin is struggling to regain its footing above $60,000, due to a lack of investor confidence and concerns surrounding the transfer of $2.7 billion from the cold storage of bankrupt Mt. Gox to an anonymous wallet.
Ethereum, the world’s second-largest cryptocurrency, also fell more than 4% to below $3,000, the first such drop since May 17.
Uncertainty about the US Federal Reserve’s ability to control inflation this year is negatively impacting risk assets, including cryptocurrencies.
As a result, cryptocurrency prices may continue to feel tight, with experts predicting another drop in Bitcoin to $52,000. Decrypt Previously mentioned.
Elmore Leonard writes for Bjournal, covering news, politics, business, technology, sport, entertainment, and lifestyle. He focuses on clear, reliable reporting and useful information, helping readers stay informed about current events, emerging trends, and stories that matter.
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