2024-10-10 18:56:06

Why Did Bitcoin Price Drop?

The move below $60,000, which is a psychological threshold, was actually a combination of multiple factors. The biggest factor was that inflation data in the USA came in higher than expected today. Higher-than-expected inflation could disrupt the FED's interest rate cut cycle or result in a lower rate cut.
Additionally, the SEC sued Cumberland, a well-known cryptocurrency company, and accused it of selling unregistered securities, which also contributed to the decline. Yesterday, the legal obstacle for the USA to sell BTCs seized from Silk Road was eliminated.
With the effect of the approximately 2% decrease 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 dollars. Of these, $203 million was in long positions.
In the last 24 hours, the most liquidation occurred in Bitcoin with 72 million dollars.
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WHY-0,73%

BTC1,08%

T-3,4%

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