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Bitcoin Price Plunge: $150M in Liquidations Amid Market Volatility

Bitcoin and major cryptocurrencies face a downturn, triggering $150M in liquidations amid market uncertainty
June 25, 2024

Cryptocurrency markets witnessed significant turbulence as bitcoin and major tokens faced sharp declines, prompting over $150 million in bullish positions to be liquidated over the weekend.

Bitcoin led the downturn with a 3% drop, mirrored by losses in Ethereum (ETH), Cardano’s ADA, and BNB Chain’s BNB. Solana’s SOL and meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) also saw declines, contributing to a broader slump across the CoinDesk 20 (CD20) index.

The liquidations, primarily of long positions, underscored market volatility exacerbated by factors including substantial sales from bitcoin miners and reports of sizable BTC transfers by the German government.

Singapore-based QCP Capital highlighted the pressure on miners to sell due to increased breakeven costs post-halving, alongside concerns about a new supply influx from the German government. These factors, combined with large-scale sales by bitcoin whales earlier in June, have added to the bearish sentiment gripping the market.

The price drop marks one of bitcoin’s toughest weeks this year, influenced by broader economic factors such as dollar strength and shifts in U.S. technology indices. Notably, U.S.-listed bitcoin exchange-traded funds (ETFs) experienced significant outflows, reflecting cautious investor sentiment.

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