🚨 𝗕𝗶𝘁𝗰𝗼𝗶𝗻 𝗽𝗹𝘂𝗺𝗺𝗲𝘁𝘀 𝘁𝗼 $𝟲𝟰.𝟵𝗞, 𝘁𝗿𝗶𝗴𝗴𝗲𝗿𝗶𝗻𝗴 𝗺𝗮𝘀𝘀𝗶𝘃𝗲 $𝟭𝟳𝟭𝗠 𝗶𝗻 𝗰𝗿𝘆𝗽𝘁𝗼 𝗹𝗶𝗾𝘂𝗶𝗱𝗮𝘁𝗶𝗼𝗻𝘀! 😱
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. 🌞
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.