Crypto Liquidations Hit $1.33B as Bitcoin and Altcoins Face Correction
The crypto market is experiencing significant liquidations, totaling $1.33 billion in the past 24 hours, with Bitcoin and altcoins facing deeper corrections.
Key Points
- Bitcoin's price dropped to $104,500, testing its 50-week simple moving average for the first time in seven months.
- Ethereuem's price fell by 5% for the second consecutive day, reaching $3,500.
- Long liquidations constituted nearly 90% of the total, amounting to $1.2 billion.
- BlackRock's iShares Bitcoin Trust has been actively offloading BTC, unloading approximately 24,000 BTC valued at $2.75 billion.
- Despite the sell-off, Michael Saylor’s Strategy continues purchasing BTC.
Altcoin Market Impact
- Ethereum dropped 5.6% today, extending its weekly losses to 15%.
- Other altcoins like XRP, BNB, and Solana are also facing declines between 5-10%.
- The market still feels the aftereffects of October's liquidation event.
Analysts suggest current conditions indicate a recovery in sentiment rather than fundamental weakness, but caution remains as confidence has not fully returned.