The world’s largest cryptocurrency, Bitcoin, suddenly fell below $ 60,000 after a long period today.
At the time of writing, BTC is trading at around $59,437.
Why Did Bitcoin Price Drop?
The move below the psychological threshold of $60,000 was actually a combination of multiple factors. The biggest factor was today’s higher-than-expected inflation data in the US. Higher-than-expected inflation could disrupt the FED’s rate cut cycle or result in a smaller rate cut.
In addition, the SEC’s lawsuit against Cumberland, a well-known cryptocurrency company, accusing it of selling unregistered securities, also contributed to the decline. Yesterday, the US legal barrier to selling BTC seized from Silk Road was removed.
Related News: Tron Founder Justin Sun Elected Prime Minister of Country Holding 99 Percent of Its Reserves in Bitcoin!
What are the Liquidation Data?
With the effect of the approximately 2% drop in Bitcoin in the last hour, a liquidation wave of $50 million was observed. $49 million of these were in long positions. On the other hand, the amount of liquidation in the last 24 hours reached a huge amount of $231 million. $203 million of these were in long positions.
The highest liquidation in the last 24 hours was in Bitcoin with $72 million.
*This is not investment advice.
Continue Reading: Bitcoin Price Drops Below $60,000 – What’s Driving the Decline? Here’s the Latest Data
