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Bitcoin Today 12/06/2024: BTC correction liquidates US$ 700 million
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Bitcoin (BTC) suffered a sudden drop this Friday (6). According to data from CoinGecko, the cryptocurrency fell 4.2% and went from US$102,000 to reach below US$97,000. While the source of this panic selloff remains unknown, it caused losses of $649 million in the last 24 hours.
Due to the appreciation of BTC, most cryptocurrencies opened the day falling. Names like XRP fell 5.4% leading the Top 10 losses, while Cardano (ADA) fell 4.7%. Among the Top 100 cryptocurrencies, VET fell 8.9% and had the biggest drop and the Bitget token appreciated 30%, leading the day’s gains.
According to data from Coinglass, a total of 181,646 traders experienced liquidation. Bitcoin led the day’s declines with the total loss recorded at $487 million. Next came ETH, whose traders suffered losses of around US$87 million.
Of that amount, long traders booked more than half at $260 million, with liquidations from short traders accounting for the remainder. Altcoins like XRP, Dogecoin (DOGE) and Solana (SOL) also fellwith settlements in the order of US$38.2 million, US$22.54 million and US$22.17 million, respectively.
Liquidations Hit Long Traders
This sell-off number comes after Bitcoin’s price fell to $97,640, the first major correction of December. However, the price had a slight recovery and returned to above US$98,000 in the last few hours.
THE BTC price crossed the $100,000 mark for the first time on the night of November 4th. After the price breakout, the coin soared to $103,900 the next day and set a new all-time high.
There are a series of events that forced an increase in the price of the currency as many institutional investors like MicroStrategy bought more BTC. On the other hand, several traders chose to take profits on their positions when BTC broke US$100,000, causing the recent drop in prices.
According to market analysts, BTC and many altcoins on the market are currently in a price discovery phase. Despite the current crisis, analysts such as CryptoQuant founder Ki Young Ju believe that Bitcoin should take longer to reach new highs.
In a recent post on X, Young Ju advised the community to hold on to their BTC and resist the urge to sell early. In this sense, the Korean believes that BTC has not yet reached its definitive top.
With the growing expectation of limited market clampdown with the appointment of Paul Atkins as chairman of the US SEC, more investors may enter the market going forward.
Bitcoin Today 12/06/2024: BTC correction liquidates US$ 700 million
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Bitcoin Today 12/06/2024: BTC correction liquidates US$ 700 million
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Bitcoin Today 12/06/2024: BTC correction liquidates US$ 700 million
