Crypto: $1 billion in liquidations in 24 hours - Bitcoin below $75,000

Home » Crypto News » Bitcoin (BTC) News » Crypto: $1 billion in liquidations in 24 hours - Bitcoin below $75,000

https://cryptoast.fr/crypto-1-milliard-de-dollars-de-liquidations-en-24-heure-bitcoin-sous-les-75-000-dollars/

Since reaching the $86,500 level at the end of September, Bitcoin began a significant correction phase which ended up heading towards $75,000 since the beginning of November, before finally crossing this threshold for good in the last few hours.

Indeed, the price of BTC has just recorded a sudden drop of more than 3% overnight which furtively projected its price onto the level of 73,500 dollars, before rebounding to position itself at around 74,500 dollars at the time of writing these lines.

A downward movement which concerns the cryptocurrency market as a whole, to the point of having triggered cascading liquidations - with 154,606 traders liquidated - the total amount of which is estimated at just over a billion dollars over the last 24 hours, including $980 million over the last 12 hours alone, according to data from the Coinglass site.

Ether records the largest share of these liquidations, with a total of $451 million in 24 hours, of which approximately 92% concerns bullish (long) positions. At the same time, the price of ETH recorded a drop of more than 7% in just a few hours which projected its price towards the $2,000 level, before finally returning to $2,125 at the time of writing.

As for BTC, liquidations are approaching $280 million, more than 90% of which are also in long positions.

This decline in the cryptocurrency market could be explained by several factors, the first being the latest statements by the American Secretary of State, Marco Rubio, this Sunday on the sidelines of a G7 meeting on French territory, regarding the demands considered “scandalous” from Iran in the context of the current negotiations. All accompanied by a new warning against Tehran if threats were to target American forces.

Donald Trump has addressed this problem even though, often, the right thing to do for the country – tackling difficult challenges for the security of our nation – is not necessarily popular, but necessary. (...) If there is a clear and immediate threat to shipping or to our forces in the area, we have the right to defend ourselves.

Bitcoin and S&P 500: a record since 2020 which worries investors

Machine-translated from French