Bitcoin’s price plummeted to a two-month low this morning, with over 100,000 individuals liquidated in the past 24 hours, resulting in a staggering $263 million in liquidations.
(Preface:
Glassnode: Is a major Bitcoin fluctuation imminent, and is the market still bullish?
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(Background:
A sudden 14% hike in Bitcoin mining electricity fees prompts a mass exodus of mining companies in Paraguay, with officials warning it could strangle the industry.
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Continuing its decline! Around 18:00 yesterday evening, the price of Bitcoin (BTC) sharply fell to $59,570. Although it recovered above $60,000 shortly after, it plunged again around 05:00 this morning, dropping to as low as $59,375. As of the latest update at 10:00 this morning, the price of Bitcoin further dipped to $57,800, marking the lowest record in nearly two months.
The entire network saw $263 million in liquidations over 24 hours
According to Coinglass data
, as of press time, the total liquidation amount on the network reached $263 million in the past 24 hours, affecting over 100,000 people. Of this, long positions accounted for $233 million in liquidations, while short positions saw $29.9 million. The largest single liquidation occurred on the OKX ETH/USD trading pair, valued at $4 million.
$263 million liquidated across the network in the past 24 hours
The crypto community laments: “In the next life, let’s trade coins together…”
Faced with such drastic market movements, the crypto community is in an uproar. Some say the crypto market is heading “to the grave,” and many classic jokes about recent downturns have resurfaced in the crypto community:
Crypto KOL He Bi Geng posted a jest on the X platform saying, “In the next life, let’s trade coins together.”
Will it fall further? Crypto analyst Ali stated on the X platform that although $280 million in long positions and $25.4 million in short positions were liquidated in the past 24 hours, compared to historical large-scale liquidation events exceeding $1 billion, this amount is relatively small. Ali believes that Bitcoin’s decline may not be over yet. The Block also reminds cryptocurrency investors that for the sake of mental and physical health, it might be time to turn off exchange notifications for a while!
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