Bitcoin
Bitcoin Falls as Whale Sells 3,500 BTC, $310 Million Liquidated in 24 Hours
Bitcoin continues to experience significant volatility, extending a downward trend that began last month.
According to data from CryptoSlate, the price of Bitcoin has fallen by approximately 6% in the last 24 hours, surpassing the $58,000 mark and reaching $56,900.
Market watchers have warned that if the heavy selling action continues, this decline could be a precursor to a decline in the price of the leading digital asset towards the $50,000 range. Earlier today, blockchain analyst Lookonchain identified a whale that sold 3,500 BTC for $206 million in five hours via the Binance exchange.
Markus Thielen, founder of 10x Research, noted that buying activity has slowed as selling pressures mount. He noted that Bitcoin has broken crucial technical and psychological levels at $60,000, a key point for miners and spot ETF buyers. Notably, this marks the bottom of its three-month trading range.
Thielen added:
“Price declines could accelerate as support breaks and sellers rush to find liquidity. Only ill-informed traders are willing to buy here. Breaking this support could trigger a sharp decline to the low $50,000s.”
Some observers attribute the price drop to low market liquidity and concerns over the impending BTC payout from Mt. Gox, which distribute about US$9 billion value of Bitcoin for lenders. In addition, cryptocurrency exchange BloFin also issued a research note Notice high risk of downside for Bitcoin, especially if an unexpected event occurs.
$310 million settled
Bitcoin’s decline has led to substantial losses for cryptocurrency traders who speculated on market movements.
According to Coinglass datamore than 110,000 traders lost around $310 million in the last 24 hours, most of it coming from long trades.
Bitcoin traders bore the brunt, incurring $94 million in losses — $82 million on long trades and $12 million on short trades. Ethereum wasn’t far behind, with liquidations reaching around $72 million.
The largest single liquidation occurred on HTX (formerly Huobi), involving a $10 million long position in the leading crypto asset.