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Home News Crypto

Bitcoin Crashes to $62K: What’s Behind the $150M Liquidation?

by Team Lumida
June 24, 2024
in Crypto
Reading Time: 3 mins read
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Key Takeaways

  1. Bitcoin plummeted 3%, causing over $150 million in liquidations.
  2. German government moved 50K BTC to exchanges, spooking the market.
  3. Bitcoin miner sales reached their highest in 14 years.

What Happened?

Bitcoin tumbled toward $62K, losing 3% in the past 24 hours. Other major cryptocurrencies like Ethereum, Cardano, and Solana also saw significant declines, with Solana dropping 7%. The CoinDesk 20 index, which excludes stablecoins, slumped just over 4%. These moves triggered more than $150 million in liquidations of bullish bets.

Short positions saw a smaller loss of $9 million. Contributing factors included large sales from Bitcoin miners and the German government moving a significant amount of BTC to exchanges. QCP Capital noted, “Miner BTC holdings have dropped to the lowest level we’ve seen in the past 14 years.”

Why It Matters?

The plunge in Bitcoin and other major tokens signifies a critical moment for investors. Large-scale liquidations, amounting to $150 million, highlight the fragility and volatility of the crypto market. The German government’s decision to move 50,000 BTC to exchanges and Bitcoin miners’ massive sales are exacerbating downward pressure.

Such moves could signal a bearish trend, impacting investor sentiment and potentially leading to more sell-offs. Understanding these dynamics is crucial for anyone with exposure to cryptocurrencies.

What’s Next?

Expect continued volatility in the crypto market. The German government still has 47,000 BTC to potentially sell, which could further depress prices. Bitcoin miners may continue liquidating holdings due to higher breakeven prices post-halving.

The market could see additional downward pressure if large holders keep offloading their BTC. Investors should monitor these developments closely, as they could impact not only individual portfolios but also broader market trends and sentiment. Stay informed to make proactive investment decisions.

Source: Coin Desk
Tags: BitcoinEthereumGerman GovernmentLiquidationVolatility
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Disclaimer Important Information This site is for informational purposes only. Information presented on this site does not constitute as investment advice.

Lumida Wealth Management LLC (‘Lumida”) is an SEC registered investment adviser. SEC registration does not constitute an endorsement of the firm by the Commission nor does it indicate that the adviser has attained a particular level of skill or ability.

Lumida's website (referred to herein as the "Website") is limited to the dissemination of general information pertaining to its advisory services, together with access to additional investment-related information, publications, and links. Accordingly, the publication of the Website on the Internet should not be construed by any client and/or prospective client Lumida’s solicitation to effect, or attempt to effect transactions in securities, or the rendering of personalized investment advice for compensation, over the Internet.

Any subsequent, direct communication by Lumida with a prospective client will be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides.

‍Lead Capture Forms: By submitting your contact information in the forms on this site, you are not obligated to invest in Lumida's product or services.
‍Address: Lumida Wealth Management, 25 W 39th Street Suite 700, New York, NY 10018