Bitcoin (BTC) has dropped 7% over the past 24 hours, plunging to levels not seen since June as the digital-asset market witnessed one of the worst sell-offs this year. Crypto traders were hit with $1 billion worth of liquidations over the past 24 hours, according to Coinglass data. The world’s largest cryptocurrency by market value was trading at around $26,400 at the time of writing, but briefly fell to $25,234 on Thursday. Altcoins performed slightly better with ether (ETH) losing 6% over the same time period and Solana’s SOL losing around 5%. Traders say market structure and liquidations were a likely reason for the sudden drop instead of a singular fundamental catalyst. “We’ve seen BTC OI ramp up in position, with a bias to shorts,” said Decentral Park Capital trader Lewis Harland, in a message to CoinDesk. “The break below $28,500 led to material volumes of longs being liquidated. This has been combined with spot selling ahead of the date (likely anticipating further delays).”
Related posts
-
National Power Administration ANDE Employees Allegedly Involved in Setting up Illegal Bitcoin Mining Farms in Paraguay
National Power Administration (ANDE) employees have been accused of participating directly in setting up illegal bitcoin... -
Bitcoin ATM installations reach 38k, below the all-time high
The global Bitcoin ATM market has seen significant growth. There are now over 38,000 Bitcoin ATMs... -
The Six-Digit Struggle: What if Bitcoin Falls Short of $100K?
As bitcoin continues to lead the cryptocurrency market, its notable climb beyond previous peaks has drawn...