Bitcoin Price Plummets Toward $59K, $250M Liquidated in a Day
The post Bitcoin Price Plummets Toward $59K, $250M Liquidated in a Day appeared on BitcoinEthereumNews.com.
The cryptocurrency market has seen better days. Bitcoin’s price hovered at the $62,000 range for a few days, but it appears that the bears were finally able to take full control. Just a few moments ago, BTC dropped below $59,000, reaching a local low of $58,867. Source: TradingView The move has resulted in the liquidation of more than $250 million in leveraged positions, the majority of which, of course, is long. As CryptoPotato reported earlier today, Bitcoin’s price reacted negatively to the announcement of higher-than-expected CPI numbers. The Consumer Price Index is a gauge for inflation in the United States. An increase essentially means that the Federal Reserve might not cut rates again in November, which is bad news for risk-on assets such as Bitcoin. SPECIAL OFFER (Sponsored) Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details). LIMITED OFFER 2024 at BYDFi Exchange: Up to $2,888 welcome reward, use this link to register and open a 100 USDT-M position for free! Source: https://cryptopotato.com/bitcoin-price-plummets-toward-59k-250m-liquidated-in-a-day/
Filed under: News - @ October 10, 2024 9:25 pm