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COINTURK NEWS > Cryptocurrency News > Market Faces Major Liquidation as Bitcoin Price Plummets
Cryptocurrency News

Market Faces Major Liquidation as Bitcoin Price Plummets

In Brief

  • Bitcoin experienced significant price fluctuations, triggering major liquidations.

  • Altcoins faced substantial losses, indicating market volatility.

  • Institutional outflows suggest a trend of profit-taking in the market.

İlayda Peker
İlayda Peker 6 months ago
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This morning, we witnessed a significant liquidity hunt as the price of BTC spiked to $94,150. The sudden drop, reported in the last minute, led to nearly $900 million worth of positions being liquidated within minutes. Previously, BTC experienced a similar spike at $90,500, but altcoins did not incur such large losses.

Contents
Cryptocurrency DropCurrent Status of Altcoins

Cryptocurrency Drop

In the last 24 hours, $1.5 billion in long positions were liquidated across cryptocurrencies. ETH faced the largest losses, with $250 million worth of liquidations, surpassing BTC. Following a price surge over $4,000, the rapid decline to the $3,400 region, although not heavily leveraged, negatively impacted those holding long positions.

Bloomberg reported an outflow of $2 billion from IBIT ETF earlier today. However, these outflows have yet to be reflected on Farside screens. Additionally, since FBTC saw an inflow of $175 million, it appears that the total net inflow on December 9 was $85 million. Should the IBIT outflows be confirmed, it would validate the trend of rapid profit-taking among institutions.

Current Status of Altcoins

SOL, DOGE, XRP, BNB, PEPE, and ADA Coin experienced significant liquidations ranging from $59 million to $23.3 million. In the past 24 hours, POPCAT, IOTA, WIF, FLOW, BRETT, SAND, and MANA saw the largest losses, exceeding 18%. The fear and greed index fell approximately 10 points to a level of 76 after the recent drop.

According to CMC data, Bitcoin $104,677‘s market dominance climbed to 55.6%, with volumes nearing $350 billion, representing a more than 100% increase in the last 24 hours.

Yesterday, Shiba Coin spiked to $0.00002424, resulting in a 25% drop on the daily chart. Although it has rebounded to $0.000026, the price returning to levels seen at the end of November has caused panic among investors.

Even during bullish market conditions, we noted that such double-digit declines are typical due to the high interest in futures trading. Following BTC’s record high above $104,000, preparations may begin for the upcoming U.S. inflation report and the Fed’s interest rate decision on December 18, leading to Trump’s inauguration in January.

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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İlayda Peker 10 December, 2024 - 9:14 am 10 December, 2024 - 9:14 am
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