TL; DR separation:
- About $ 672 million in long-term trading position has been cashed in since the recent decline of Bitcoin and other large altcoins.
- Bitcoin fell below $ 56,000 earlier today, down about 20 percent from ATH.
Leading digital currency, Bitcoin (BTC), has been on a downward trend since Monday. It started trading this week with about $ 66,000 in the Bainance market. However, after falling to $ 56,000 early on Friday, it dropped more than $ 10,300 from that point. At the current price, Bitcoin has fallen and is trading at a one-month low.
79.3% of Ramzars Long REKT traders
Due to the decline of bitcoin and other cryptocurrencies, most long-term traders have been forced out of cryptocurrency markets. According to the Central Bank, about 79.3% of these traders have been liquidated in the last 24 hours, resulting in a loss of $ 672 million. data From CryptoRanks.
Long traders lost $ 228 million on the FTX, followed by Bainance ($ 218 million), OKEx ($ 104 million), ByBit ($ 57 million) and others.
Why is Bitcoin falling?
Initially, it was worth noting that the bitcoin market has been extremely greedy over the past week and month, possibly due to a renewed interest in the digital currency, which eventually reached its all-time high of approximately $ 69,000. Usually when investors are greedy, they have to reform the market. But with the recent price correction, the index is going back down, meaning that the price may reach its peak again.
In addition, many people believe that the crackdown on crypto in China and the $ 1 trillion US infrastructure bill could be another factor in lowering the price of crypto. Also, some claimed that people owed money to Mt. Gox starting November 20, have started selling horror.
People were worried that users might run out of bitcoins shortly after they were repaid. However, this FUD has been canceled because one of the creditors said that the repayment may not be until 2023.