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Bitcoin Price Crashes Below $57K as Total Liquidations Exceed $200 Million

Bitcoin Price Crashes Below $57K as Total Liquidations Exceed $200 Million

CryptopotatoCryptopotato2024/08/14 16:00
By:Author: George Georgiev

Bitcoin’s price is crashing, leaving millions in liquidations.

Bitcoin’s price has been crashing in the past 24 hours, charting a decline of around 3.6% on the day. This brings BTC’s weekly losses to above 4%, as the cryptocurrency is currently dipping below $57,000.

Interestingly enough, the stock market is experiencing a considerable uptick during the same period. The SP 500 is up almost 2% on the day, while NASDAQ is also charting 0.6% gains.

The rapid decline in Bitcoin’s price was quite possibly  caused by the fact that 10K BTC was moved from a known US Government wallet to a Coinbase Prime deposit wallet.  In addition, on Tuesday, BitGo moved $2 billion worth of Mt. Gox BTC, sparking worries of increased selling pressure.

That said, Bitcoin’s crash below $57K triggered liquidations upward of $200 million across the derivatives market.

Most of the positions were long traders, which is to be expected during a downward move. That said, ETH derivatives traders suffered the most, accounting for $70 million of the total liquidations. Ethereum is down 4.6% in the past 24 hours.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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