Market volatility has led to more than $152 million in cryptocurrency liquidations over the past day, with the broader cryptocurrency market seeing more than $290 million in liquidations over the same period. About $154 million in liquidations came from long positions.
Bitcoin clearings soared to more than $108 million, with the asset falling below $60,000 before rebounding. It is currently struggling to maintain its position above $64,000. According to Coinglass data, liquidation amounts were split almost evenly between buying and selling Bitcoin, with totals 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, 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 during the same period.
According to The Block’s halving countdown, we are less than 100 blocks away from Bitcoin’s upcoming halving event, which will see miners’ block subsidy rewards cut in half. Analysts at 21Shares suggested Bitcoin could continue to see sideways moves until geopolitical concerns, including conflict in the Middle East and control of oil shipping routes, stabilize.
Analysts predicted that Bitcoin would continue its upward trend even after the halving if geopolitical risks stabilize. This is expected to be supported by growing institutional interest in digital assets, particularly US spot and the recently approved Hong Kong ETF.
Coinbase analyst David Han highlighted the impact of macroeconomic factors, particularly heightened geopolitical tensions, on near-term cryptocurrency activity. “The recent high correlation of altcoins to Bitcoin highlights this, solidifying its position as a macro asset while also indicating Bitcoin is playing a key role in this space,” Han wrote in this week’s Coinbase Monthly Outlook. said the report.
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