$810 million long positions liquidated as bitcoin price drops to $42,000
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Answer $810 million long positions liquidated as bitcoin price drops to $42,000
The cryptocurrency market has seen a major correction in the last 24 hours.
Bitcoin and other alternative cryptocurrencies have gone through a series of long position liquidations.
At the time of the article’s publication, long positions worth $810 million have been liquidated in the crypto market, including bitcoin positions worth $318 million.
Bitcoin hash rate drops:
The general correction of the cryptocurrency market began in December of last year with the majority of positions losing 10-20% in less than a few weeks.
But the acceleration of the downtrend only started yesterday.
As noted by many experts, the sudden drop in the bitcoin price may be related to the US Federal Reserve’s decision to raise interest rates next March and the political protest in Kazakhstan.
Read:What is the reason for the rise of one of the digital currencies based on Ethereum by 800%?
Although it may seem that a country in South Asia has no or little connection to the cryptocurrency industry, it actually holds the title of one of the largest bitcoin mining countries in Asia, especially after the ban on cryptocurrency mining in China.
Due to the instability in the country and power outages, the Bitcoin hash rate has dropped dramatically, and the outage may have caused some miners to sell their holdings and leave the market for an indefinite period of time.
Bitcoin Price Action Annoys Traders:
The unpleasant price movement of digital gold may create additional pressure on the market, as more traders will decide to take profits and leave the crypto market for better periods of time.
At press time, Bitcoin is trading at $42,800 with a daily loss of 8.6%.
Read:MicroStrategy CEO Explains Why The Company Is Shifting $250 Million Towards Bitcoin
Altcoins like Ethereum, Cardano, and Solana are trading with an average loss of 10%.
Read also:
Binance platform launches a new tool for spot trading “Grid Trading”…details here
The “AAVE” project launches decentralized liquidity pools for enterprises
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