The Decline in Bitcoin Continues: These Two Reasons Deleted Hundreds of Millions of Dollars from the Market!

While Bitcoin has been declining for about 2.5 weeks, hundreds of millions of dollars have been deleted from the cryptocurrency market in the last 24 hours.

The Bitcoin (BTC) price has been declining for about 17 days after reaching $72,000 in the last bullish cycle. During this period, while many altcoin prices experienced a significant decline, investors also faced liquidations.

While Bitcoin fell to $ 62,150 in the morning hours of EST today, the Ethereum price fell to $ 3,350, well below its peak with the approval of the ETF.

$165 million deleted

The withdrawal in Bitcoin in the last 24 hours led to the liquidation of futures positions worth hundreds of millions of dollars.

According to Coinglass data, at the time of writing, the total value of positions liquidated in the last 24 hours was 165 million dollars. It was stated that more than 69 thousand cryptocurrency investors in total were affected by this situation.

While the largest liquidation was a $10 million Bitcoin long position opened on the cryptocurrency exchange Bitmex, it was reported that approximately 95.95% of the total liquidated positions resulted from long positions.

Why is Bitcoin falling?

Last week, the German Government moved 1,700 BTC worth $110.8 million to Coinbase, Kraken and Bitstamp in a total of 2 days. With the last transfer that triggered the decline in Bitcoin and cryptocurrencies today, 47,179 Bitcoins worth more than $3 billion were left in the wallet of the German government.

This situation was recorded as one of the factors that triggered the decline in Bitcoin.

On the other hand, in the report published by QCP Capital over the weekend, it was stated that Bitcoin assets held by miners decreased to the lowest level in the last 14 years, while total reserves increased by 50% since the beginning of the year.He stated that it decreased by 000.

Stay tuned for new information