The post Bitcoin Price Dips as $1 Billion Crypto Liquidations Wipe Out Traders appeared first on Coinpedia Fintech News
The cryptocurrency market is in turmoil, with traders facing massive losses as liquidations near the $1 billion mark. The total crypto market cap has dropped to $2.62 trillion, with Bitcoin taking the hardest hit. This sudden crash has triggered widespread fear, pushing the Crypto Fear & Greed Index down to 17—signaling Extreme Fear.
Over 320,000 Traders Liquidated in 24 Hours
Data from Coinglass shows that 320,374 traders were liquidated in the past 24 hours, with total losses reaching $907.7 million. Long traders—those betting on price increases—lost the most, suffering $72 million in losses.
However, short traders, who expected prices to fall, weren’t safe either, losing a total of $179 million. The largest single liquidation occurred on Bybit, where a BTC/USD position worth $5.26 million was wiped out instantly.
Bitcoin (BTC) was the worst hit, with $318.2 million in positions liquidated. Of this, $235 million came from long traders, while short sellers lost $82.6 million.
Why is the Market Crashing?
Several key factors are driving the market downturn:
1. Growing Recession Fears
In a recent Fox News interview, former U.S. President Donald Trump spoke about an economic “transition period,” making investors nervous about what lies ahead. Concerns over a possible recession have added to the market panic.
2. Mt. Gox Bitcoin Transfers Fuel Selling Pressure
The now-defunct Mt. Gox exchange recently moved 11,834 BTC (worth $931.1 million), followed by another 332 BTC (worth $26.6 million). These large transfers have raised fears that more Bitcoin could be sold, adding pressure to the market.
3. Ethereum Whales Are Moving Large Amounts
Ethereum whales have been making significant transfers, signaling potential sell-offs. One whale moved 7,000 ETH ($12.9 million) to Kraken, while another transferred 21,000 ETH to Binance, raising concerns of further price declines.
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Market Outlook: More Losses Ahead?
Bitcoin is currently trading around $81,632 and is approaching a key support level at $78,000. Investors are on edge as BitMEX co-founder Arthur Hayes warned that BTC could drop further, possibly testing the $70,000–$75,000 range.
Ethereum is also struggling, falling 8.4% in the last 24 hours. It is now trading at $1,915, the lowest level since late 2023, raising fears of further declines.
Volatility is back in full force, and the charts are painting a tense picture for what’s to come.
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FAQs
The crypto market dropped due to recession fears, large BTC transfers from Mt. Gox, and whale sell-offs, triggering $1B in liquidations.
Bitcoin fell due to economic uncertainty, large BTC movements from Mt. Gox, and BitMEX’s Arthur Hayes warning of a dip to $70K-$75K.
Bitcoin may recover if it holds the $78K support level, but further declines to $70K are possible based on market sentiment and liquidity.
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