Bitcoin Plummets To $25k Triggering $1 Million In Liquidations

Bitcoin’s price plummeted on Thursday to $25,300, touching lows the asset has not seen in the past two months.

The event triggered nearly $1 million in liquidations across the entire crypto market.

  • Bitcoin slightly rebounded after the crash, trading for $26,386 at writing time.
  • The last time Bitcoin traded this low was in mid-June, shortly after Binance and Coinbase were sued by the Securities and Exchange Commission (SEC), and shortly before BlackRock announced its bid for a Bitcoin spot ETF.
  • According to Coinglass, over $788 million in liquidations have occurred in the past 24 hours, including over $812 million in the last hour alone. Roughly half of the liquidations were on Bitcoin trades, with another $245 million on ETH trades.
  • The largest single liquidation took place on an ETH-BUSD trade on Binance, clearing out a trader for a whopping $55.92 million. The total number of liquidations surpassed 164,000.
  • The news arrives shortly after the Wall Street Journal reported that Elon Musk’s SpaceX had sold the remainder of its Bitcoin holdings, writing down its value from last year by $373 million.
Bitcoin / USD. Source: TradingView
SPECIAL OFFER (Sponsored)
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO50 code to receive up to $7,000 on your deposits.

Source link

Leave a Reply

Mastering Crypto: Top 6 Books for Blockchain and Bitcoin Education Surprising Facts About Mining Cryptocurrency 15 Mind-Blowing Facts About Decentralization in Cryptocurrency Blockchain Revolution: Real-Life Applications and Transformations Exploring Different Cryptocurrencies in the Market Web3 Domains: The Future of Decentralized Internet Identity Bitcoin: Exploring the Past, Present & Future Blockchain: Revolutionizing Transactions and Trust