Bitcoin price drop to $38,000 triggered $700 million liquidations
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Answer Bitcoin price drop to $38,000 triggered $700 million liquidations
The price of Bitcoin rose to the level of 43 thousand dollars, which made the followers optimistic that it finally came out of the volatility of 41 – 42 thousand dollars, but things turned out worse in the past few hours.
Where the price of Bitcoin reversed and fell to the lowest level it has not seen in 6 months, as the price of Bitcoin fell to the level of $ 38,200 (on Binance).
The downturn has caused more than $700 million in liquidations in the past 24 hours alone.
Bitcoin price dropped below $40,000 today, reached $38,200 and then bounced higher at the time of writing with Bitcoin trading at $38,800.
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This represents a drop of 8% in the past 24 hours, according to CoinGecko, while also charting the lowest price since August 5, 2021 – a six-month low.
The rest of the market is also located in the red zone.
Ethereum is trading just above $2800, down 9%.
BNB price is down 10% to $425, Cardano is down 9%, as the coin is trading at $1.24.
This downturn in the entire market has caused liquidations of $720 million in the last 24 hours alone.
The largest single liquidation order occurred on BitMEX, where the $9.9 million XBTUSD position was liquidated.
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