๐จ ๐๐ถ๐๐ฐ๐ผ๐ถ๐ป ๐ฝ๐น๐๐บ๐บ๐ฒ๐๐ ๐๐ผ $๐ฒ๐ฐ.๐ต๐, ๐๐ฟ๐ถ๐ด๐ด๐ฒ๐ฟ๐ถ๐ป๐ด ๐บ๐ฎ๐๐๐ถ๐๐ฒ $๐ญ๐ณ๐ญ๐ ๐ถ๐ป ๐ฐ๐ฟ๐๐ฝ๐๐ผ ๐น๐ถ๐พ๐๐ถ๐ฑ๐ฎ๐๐ถ๐ผ๐ป๐! ๐ฑ
Over 74,500 traders affected, with $46.77M in BTC longs wiped out. Miners' post-halving capitulation blamed for the drop. Expect a quiet summer ahead. ๐
On Friday, Bitcoin (BTC) experienced a notable drop, reaching an intraday low of $64,936 before slightly recovering to hover above $65,400. This decline represents a decrease of $1,278, or over 2% against the U.S. dollar in just one day.
The downturn has led to significant liquidations in the crypto derivatives markets, with $46.77 million in Bitcoin long positions wiped out. Ethereum long positions also suffered, with $37.92 million liquidated, contributing to a total of $171.37 million in long positions eliminated across all crypto derivatives markets.
This market shakeup has impacted 74,536 traders, with the majority holding long positions. QCP Capital (@QCPgroup) commented on the situation, noting that "BTC miners are undergoing the post-halving capitulation, directly capping the price."
They also predicted a "quiet summer for crypto markets, with a lower volume environment and no catalyst to drive the market either way." As the market adjusts, traders and investors brace for a potentially subdued period ahead.
