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.

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 today's time, Ethereum price fell well below its peak with the ETF approval and dropped to $3,350.

$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 in total, more than 69 thousand cryptocurrency investors 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.