Bitcoin Value Holds Steady to $62,000 Despite Market Volatility
The market's turbulence in the last day has caused Bitcoin long liquidations to climb beyond $30 million.
There were more than $145 million worth of liquidations in the broader cryptocurrency market around the same time.
Because of the unpredictable nature of the market, the price of Bitcoin has been ranging about $62,000. Because of this, the number of lengthy liquidations has increased dramatically, jumping over $30 million in only one day.
The market cap leader in digital assets has been having a tough time staying over $62,000 since the price dropped.
Market Volatility and Historical Data
Bitcoin holdings worth $40 million were liquidated in the last 24 hours. More than $145 million in liquidations occurred at that time, impacting the broader bitcoin market.
Bitcoin has dropped more than 3% in the last 24 hours and is now trading at about $62,300. There has been a 3% drop in the price of Ethereum to $3,007 within the same time frame.
Glassnode said in a recent market analysis that Bitcoin halving occurrences are usually announced in advance. In the short term, there is usually a rocky "sell-the-news" event.
The price of Bitcoin fell by more than 11% and traded around $57,000 during the fourth halving, as it had done in previous instances. In spite of the market's recovery and relative stability after the halve date, this remains the lowest price in the last two months.
In addition, the study noted that after two weeks, prices remained unchanged in the first and second half cycles, with the first halving showing an 11% increase.
According to statistics from Coingecko, Bitcoin's dominance increased little to 50.9% while Ethereum's fell marginally to 15% during the last day. The total value of all cryptocurrencies in circulation fell 2.3% in the last day, reaching $2.41 trillion.
During the same time frame, the GM 30 Index—which represents a selection of the top 30 cryptocurrencies—fell 2.98% to 128.48.
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