Bitcoin dropped to $25,166, deepening its decline throughout the day and into the night. The number one coin has suffered its hardest drop since the FTX bankruptcy in November 2022, falling by almost 10 percent.
Bitcoin’s decline began on Wednesday with the release of the minutes of the Fed’s July meeting. The crypto money, which fell below $28 thousand in the first hours of Thursday, deepened its losses with developments such as SpaceX selling $373 million worth of bitcoin and the official bankruptcy filing of Chinese real estate giant Evergrande.
$800 million positions liquidated in 1 hour
According to CoinGlass data, nearly $800 million worth of positions were closed in losses in the last hour on leveraged markets as bitcoin declined. Of this, $640 million were long positions and $142 million were short positions. At the same time, in a period of 24 hours, this figure increased to $ 1 billion.
May be interested – Why is bitcoin falling?
The stress of higher inflation at the minute is believed to cause investors to move out of riskier assets. It is said that investors who are worried about inflation as well as recession are moving away from riskier assets like bitcoin. It is also noteworthy that this decline comes after the volatility of bitcoin and ether fell to their lowest levels in recent years.
Finally, in bitcoin, all eyes are on spot ETF applications. A ruling is expected this week on Grayscale’s lawsuit with the SEC regarding its bitcoin ETF. That being said, if the verdict comes this week and goes in favor of Greyscale, it will be positive for ETF applications.
May interest you – $373 Million Bitcoin Sale from SpaceX
It was published: