Markets are bracing themselves for an upcoming storm. Bitcoin‘s BTC/USD Price hovers at around $50,000. Leading analysts have warned that the drop in price could result in over $15 billion of liquidations. Binance (BNB).
What happened?Analyst Cryptocurrency Ali Martinez Binance’s massive liquidation was announced on social media.
Martinez writes: “#Bitcoin falling to $50,000 will cause over $15 billion of liquidations just on #Binance!”
Bitcoin Liquidation UpdateIn the last 24 hours, liquidations totaled $89,000,000, of which $66.39,000,000 was for long positions and $22.61,000,000 was for short positions. According to Coinglass data, over the past four hours liquidations totaled $4.44million, with long positions at $1.60million and short positions at $2.88million.
Please see: Michael Saylor reveals how much bitcoin you need to become a millionaire.
What It MeansA recent fall in Bitcoin’s price has caused concern on the entire cryptocurrency market. Research company Tenx Research Recently, a possible terrorist attack was warned. significant price correction Inflation is the primary trigger for all risk assets including crypto and stocks.
The approval of Bitcoin ETFs and Ethereum ETFs by Hong Kong authorities has also led to a rise in the price. Market growth is predicted to be positive. Bloomberg Senior ETF Analyst Eric Balchunas He has re-evaluated his original inflow forecasts for these ETFs and estimates they will hit $1 billion over the next two years.
Some industry leaders are still optimistic about Bitcoin despite the recent drop in price. Venture capitalist Tim Draper Predicted a BTC Price of $250,000 By the end of the year 2024, the closing of the year 2023. His prediction might not be as far-fetched now that nearly a third of 2024 has passed.
Prices are reducedBitcoin is currently trading at $61,371, a slight increase of 0.17% over the last 24 hours. According to Benzinga Pro, the cryptocurrency has seen a stunning 38.94% increase in value over the past year.
Continue Reading: Crypto Markets Fall Following Iran’s Drone Attack Against Israel. Investors Warn Of Further Selloff
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