Bitcoin hits its lowest price, Soaring selling pressure in the market has caused it to fall below $64,000, its lowest point since mid-May.
Bitcoin’s price has largely moved downward or flat since breaking through the $70,000 barrier earlier this month. The flagship asset lost over 10% of its value during that time.
For what reasons does Bitcoin hits its lowest price?
According to on-chain data, the biggest US-based cryptocurrency exchange, Coinbase, is the source of some of the recent selling pressure. The platform saw $10 million in spot-selling activity, the greatest amount during a 10-minute timeframe in a week, according to data from Glassnode.
Notably, on June 19, the German government sent $600 million worth of Bitcoin to four exchange accounts, including Coinbase, Kraken, Bitstamp, and Bitstamp. This adds to the current selling pressure.
Also Read: Index Trading: Maximize Your Returns
According to market experts, Bitcoin hits its lowest price, BTC’s present price weakness is due to increased withdrawals from spot Bitcoin ETFs in the US. Although there was a net outflow of more than $900 million last week, demand for these ETFs spiked following their introduction in January, resulting in an inflow of more than $53 billion.
In addition, Bitcoin miners have begun selling off their assets in response to the financial strain caused by the recent halving event. Bitcoin analyst Willy Woo said BTC’s price would only rebound “when weak miners die and hash rate recovers.”
$20 million dissolved in under an hour
According to Coinglass statistics, roughly $20 million worth of cryptocurrency positions were liquidated in the last hour alone, which brings the total for the last 24 hours to $150 million. The market collapse caused this.
Looking closer at the liquidations, we see that long traders lost $106 million because they bet on price increases. On the other hand, the bearish-minded short traders were sold off for $44 million.
Losses for Bitcoin traders reached $42 million, with $16 million coming from short positions and $26 million from long ones. Traders in Ethereum were right behind, with liquidations totaling around $28 million.
With a BTCUSD transaction worth $8.09 million, Bybit has the largest single liquidation.
Also Read: Coinflowa
