As Long Liquidations Hit the Market, Bitcoin Loses 6% Overnight. Will The Price Crash Further?
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Bitcoin (BTC), the world’s leading cryptocurrency, dropped below the $59,000 mark on Wednesday. The global crypto market cap also fell to $2.08 trillion, marking a 6% decline over 24 hours. Bitcoin is consolidating below $59,000 as investors take profits and liquidate positions.
One of the larger liquidation events has been taking place, as during the night more than $300 million has been liquidated from the markets in this correction.
Remarkable: $ETH has seen the largest liquidation, not Bitcoin pic.twitter.com/eY7dxFBKdc
This drop triggered widespread liquidations, affecting over 87,000 traders and resulting in losses exceeding $320 million.
Market Concerns: Investors are cautious ahead of upcoming U.S. GDP and PCE Index data, anticipating potentially unfavorable outcomes that could impact the market further.
Over 44,800 Bitcoin, valued at more than $2.6 billion, were withdrawn from Binance within 24 hours, raising concerns about potential market impacts. This significant outflow, highlighted on August 28, 2024, by Wealth Mastery via Lark Davis, has left the market questioning the reasons behind it.
⚡️44,808 Bitcoin worth over $2.6B has been withdrawn from Binance in the past 24 hours.
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