The fall of bitcoin liquidated more than USD 400 million of traders
The cryptocurrency market turned red after statements from the Fed chairman.
by Nickolas Plaza December 19, 2024 Reading time: 3 minutes
Bitcoin dragged several cryptocurrencies down.
Jerome Powell explained that the Fed is not authorized to hold bitcoin.
The cryptocurrency market suffered a severe blow yesterday, Wednesday, December 18, when bitcoin (BTC) experienced a day of high volatility. This led to the liquidation of more than 400 million dollars in the futures market.
The price of bitcoin dropped sharply from 105,000 dollars to 98,000 dollars, although it has since recovered and currently trades at 102,000 dollars.
This decline in the market's leading digital currency pressured the rest of the cryptocurrencies downward.
In the futures market, the losses were in the millions. According to data from the Coinglass explorer, the two major spikes in liquidations, primarily bullish, reached over 400 million dollars, as seen in the chart.
