The broader cryptocurrency market saw more than $290 million liquidated in the last 24 hours. Most of these liquidations (about $154 million) were long positions.
bitcoin BTC
+5.39%
Liquidations soared to more than $108 million as assets plummeted below $60,000, but have since rebounded. It is currently struggling to maintain its position above $64,000. According to Coinglass According to the data, liquidation amounts were split almost equally between buying and selling Bitcoin, totaling just over $54 million and $53 million, respectively.
According to The Block’s pricing page, the largest digital asset by market cap is up about 5.3% over the past 24 hours and was trading at $64,739 at 5:22 a.m. ET. The GM 30 index, which represents the top 30 cryptocurrencies, rose 4.46% to 129.97 over the past 24 hours.
Bitcoin price is up more than 5% in the last 24 hours. Image: Block.
Bitcoin’s immediate halving reaction
According to The Block’s halving countdown, we are now less than 100 blocks away from Bitcoin’s next halving event, when miners’ block subsidy rewards will be cut in half.
A recent report from 21Shares provided an analysis of the potential fluctuations in the price of Bitcoin due to the impending halving, taking into account the impact of important geopolitical factors, including conflicts in the Middle East and control of oil transportation routes. In a report, 21Shares analysts forecast that Bitcoin is likely to continue its sideways move until there is more certainty about current geopolitical concerns.
“Once these geopolitical risks stabilize, Bitcoin is likely to resume its post-halving upward trend as institutional interest in digital assets grows, led by U.S. spot and the recently approved Hong Kong ETF. The evolving geopolitical environment and institutional adoption Analysts added that the tight supply of Bitcoin sets the stage for continued strength in the weeks following the halving.
Macro Factors Affecting Short-Term Price Performance
Coinbase analyst David Han also noted the impact of macroeconomic factors exacerbated by tensions in the Middle East in this week’s Coinbase Monthly Outlook report. “Despite the fact that cryptocurrency fundamentals remain strong overall, we believe near-term activity is more likely to be driven by macro factors,” said one researcher.
He added that these macro factors include increasing geopolitical tensions, rising interest rates, and rising national debt. “The recent high correlation of altcoins to Bitcoin highlights this, indicating that Bitcoin is solidifying its position as a macro asset while also serving as an anchor in the sector,” he said.
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