Bitcoin’s Price Drop to $64,000 Leads to $210 Million Liquidations in One Day
Bitcoin’s decline to $64,000 had a widespread impact on the overall market, particularly affecting altcoins, which experienced larger drops than BTC.
Bitcoin is a worldwide cryptocurrency and digital payment system called the first decentralized digital currency, since the system works without a central repository or single administrator. It was invented by an unknown programmer, or a group of programmers, under the name Satoshi Nakamoto and released as open-source software in 2009. The system is peer-to-peer, and transactions take place between users directly, without an intermediary. These transactions are verified by network nodes and recorded in a public distributed ledger called a blockchain. Below you will find the latest news articles about Bitcoin Price.
Bitcoin’s decline to $64,000 had a widespread impact on the overall market, particularly affecting altcoins, which experienced larger drops than BTC.
According to a recent Bitfinex market report, the Bitcoin supply squeeze has already begun following the recent halving event.
Fidelity continues to have a “neutral” outlook for Bitcoin stating that BTC is fairly priced with on-chain indicators also showing strength.
The Bitcoin race to $100K and beyond was triggered by the BTC halving event 2024 over the weekend amid heightened demand from institutional investors.
As Bitcoin price rebounded prior to options expiry, traders took advantage of negative funding rates to initiate long positions, leading to a recovery.
With Bitcoin’s recent price surge, it can be inferred that Schiff’s post questioning the leading cryptocurrency’s safe haven status may have been premature.
Breaking down the losses across different blockchains, BTC traders took the highest hit, with $4 million liquidated in the network in the last 24 hours.
Crypto whales have continued to defend Bitcoin’s support level around $61K ahead of the fourth halving over the weekend.
The speculations of these analysts underscore the previous opinion shared by Bloomberg Senior ETF Analyst Eric Balchunas.
Blockware Solutions analyst Mitchell Askew believes the upcoming Bitcoin halving event will turn out to be a buy-the-news event.