Bitcoin Price Plummets to 2-Month Low
Bitcoin’s price dropped to $25,300, reaching lows not seen in the past two months, causing significant liquidations in the crypto market. However, the cryptocurrency experienced a slight rebound, currently trading at $26,386.
Key Points:
- The last time Bitcoin traded this low was in mid-June, following legal actions against Binance and Coinbase by the SEC and BlackRock’s announcement of a Bitcoin spot ETF bid.
- Coinglass reported over $788 million in liquidations in the past 24 hours, with $812 million in the last hour alone. Approximately half of the liquidations were on Bitcoin trades.
- The largest liquidation occurred on an ETH-BUSD trade on Binance, resulting in a trader losing $55.92 million. The total number of liquidations surpassed 164,000.
- Elon Musk’s SpaceX recently sold its remaining Bitcoin holdings, resulting in a write-down of its value by $373 million.
Hot Take: Bitcoin’s price drop and the subsequent liquidations highlight the volatility and risks associated with cryptocurrency investments. Market fluctuations and external events can have a significant impact on the value of digital assets, making it crucial for investors to stay informed and cautious.
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