Crypto crash wipes out $1.7 billion in leveraged positions, Bitcoin plunges toward $94,000
The post Crypto crash wipes out $1.7 billion in leveraged positions, Bitcoin plunges toward $94,000 appeared on BitcoinEthereumNews.com.
Key Takeaways The crypto market crash led to $1.7 billion in leveraged position liquidations within 24 hours. Despite concerns over quantum computing’s impact on crypto security, current threats remain minimal. A sharp crypto market correction triggered $1.7 billion in liquidations over 24 hours, with Bitcoin falling from above $100,000 to $94,100 and Ethereum dropping 8% below $3,800, according to data from Coinglass. The market-wide selloff led to $168 million in short liquidations and $1.5 billion in long positions being liquidated, as the overall crypto market cap shrank by 7.5%. Bitcoin has partially recovered from its recent dip, now trading at $97,800, but remains 2% lower over the past 24 hours. The rest of the crypto market, however, is still under pressure. Most altcoins have plummeted by at least 10% within a day. Of the top 10 crypto assets by market cap, Ripple (XRP), Dogecoin (DOGE), and Cardano (ADA) bore the brunt of the losses. XRP declined by 11%, DOGE by 10%, and ADA by 13%. Source: CoinGecko While no single event has been definitively identified as the cause of Monday’s pullback, crypto traders speculate that a combination of factors, including Google’s release of the ‘Willow’ quantum computing chip and recent Bitcoin transfers from Bhutan, may have played a role. Bhutan moves 406 BTC to QCP Capital A wallet controlled by the Royal Government of Bhutan transferred 406 Bitcoin to QCP Capital, a Singapore-based digital asset trading firm, earlier today, data from Arkham Intelligence shows. The transfer was split into multiple transactions, and following these, Bhutan sent around $19 million to an unidentified address starting with “bc1qwug2.” These funds were then deposited into a Binance hot wallet. The motive behind the government’s wallet activities is uncertain. Last month, Bhutan reportedly sold 367 Bitcoin for approximately $33.5 million via Binance. Bitcoin’s price…
Filed under: News - @ December 10, 2024 2:27 am