Bitcoin Price Drops 5% in 24 Hours
Bitcoin’s price has fallen by 5% over the last 24 hours, leading to significant liquidations across the crypto ecosystem.
Effects on Long Positions
The recent price action has particularly impacted crypto long positions, resulting in $245 million in longs liquidated in the past day.
- The current price of Bitcoin is $66,548, down from its recent peak of over $70,000.
- This decline marks the most rapid downward movement for Bitcoin in over a month.
Market Events Tomorrow
Bitcoin’s drop coincides with upcoming market-moving events scheduled for tomorrow, including:
- Publication of the U.S. consumer price index for May by the Bureau of Labor Statistics.
- Jerome Powell, Chair of the U.S. Federal Reserve, holding a press conference on American fiscal policy.
Ethereum and Other Liquidations
While Bitcoin-related liquidations totaled $61.27 million, Ethereum led in liquidations with over $70 million in the last 24 hours, most of which were long positions.
- Ethereum’s price dropped 6.8% to $3,437.
- Solana and PEPE also experienced significant long position liquidations.
Hot Take: Impending Market Movement
Inflation and interest rate announcements from the U.S. government and Federal Reserve tomorrow may further impact Bitcoin’s price and the broader crypto market.
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