- It is estimated that over $635 million worth of funds were liquidated within 24 hours.
- The cryptocurrency market continued to plummet amid economic concerns and profit-taking.
- Capital B bought 551 Bitcoin tokens for $62.2 million.
Funds worth millions of US Dollars have been liquidated from the cryptocurrency market within 24 hours. The outflow movement is being interpreted as the end of a bull run. Some estimate that a decline in the crypto price could be temporary because of select factors. The global crypto market cap has plummeted and, CMC20 is down at the time of drafting this article.
Liquidation from the Cryptocurrency Market
According to a report by Whale Insider, over $1 billion worth of funds were liquidated in 24 hours. The first liquidation was reported for $635 million.
The second liquidation was reported for $1 billion. Funds have been liquidated, reportedly due to economic uncertainty and profit-taking.
The global crypto market cap is down by 3.89% and the FGI is at 47 points when the article is being drafted. The CMC20 Index shows that the rating has plummeted by 3.90% to $247.07 in the last 24 hours. The Altcoin Index has 67 points, dismantling the sentiments around altseason.
Bill Morgan Highlights Price Decline
Bill Morgan earlier highlighted that the BTC price was down and was eventually having a ripple effect across the cryptocurrency market. He called it a heavy correlation and added that it was a usual trend. Bill’s statement came at a time when BTC price was listed just above $114,500.
His comments were in response to an X post that said all cryptocurrencies except BTC and ETH were poised for an ATH. This was in reference to Crypto Rover hinting that the ongoing price slowdown was the commencement of altseason. Nevertheless, the entire crypto market remains sluggish at the moment.
BTC Price Below $114k
Liquidation from the cryptocurrency market possibly took the value of BTC price to $113,00.95. Thereby, the Bitcoin token breached the closest support level of $114,427. BTC price declined despite the announcement of a rate cut by the US Federal Reserve. The 25 bps rate cut was assumed to place BTC in a better position. Notably, two more rate cuts are expected by the Fed before the end of 2025.
Michael Saylor and BlackRock reportedly bought BTC. They added the flagship token to their portfolios and instilled a sense of confidence. One major interpretation was that it was a purchase of dips.
Whale Insider has also reported the purchase of 551 Bitcoin tokens by Capital B. They were collectively worth $62.2 million at the time of the transaction.
However, the liquidation from the cryptocurrency market has overshadowed these attempts. The market continues to experience volatility with doubts about what to do next.
It is important to note that crypto trading and investments are subject to volatility and fluctuations. Do thorough research and risk assessment before allocating funds to BTC or any other cryptocurrency.
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Source: https://thenewscrypto.com/millions-liquidated-from-cryptocurrency-market-amid-global-crypto-price-fall/
