The decline of #Bitcoin continues: less than $40,000 seen – What is causing the hemorrhage? What about liquidations?
Looking at the overall picture, it was noted that the price of $BTC decreased by around 5% in the last 24 hours.
The situation is no different on the altcoin side, and many altcoins have seen declines at similar rates to Bitcoin.
The reason for this decline lies in the releases of Grayscale's $GBTC product and therefore the significant amount of sales of #BTC . In today's developments, it was revealed that the bankrupt FTX management has sold approximately $1 billion worth of BTC since GBTC became a spot ETF.
Grayscale's #gbtc now has 563,000 BTC after the sale, compared to 613,000 BTC before the spot ETF.
On the liquidation side, with the recent declines, a total of $65 million in liquidation has taken place in the cryptocurrency market in the last hour. Of these, $63 million was in long positions and $2 million was in short positions.
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