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What is causing the drop in Bitcoin (BTC) price? Crypto liquidation surpasses $93 million

Exciting times in the world of cryptocurrency! The price of Bitcoin is experiencing some intense pressure, causing a ripple effect on altcoins, including the popular memecoin Floki. Currently, Bitcoin is trading at $69,670.58, a slight decrease of 0.28% in the last 24 hours.

Bitcoin’s Influence on Altcoins

Following Bitcoin’s lead, Ethereum (ETH) has dropped by 1.20% to $3,670.56, while Binance Coin (BNB) saw a significant decline of 7.45% to $622.28 after hitting a new All-Time High (ATH). Other top altcoins like Solana (SOL) and XRP also experienced decreases of 1.53% and 0.53%, trading at $159.45 and $0.4960 respectively.

In the midst of these fluctuations, there is one altcoin that’s standing out – Toncoin (TON). This digital currency, backed by Telegram, managed to maintain a positive trend, increasing by 1.28% to $7.176.

The total liquidation in the crypto market has surpassed $93.68 million, affecting over 51,090 traders within a 24-hour period. Bitcoin leads the pack with liquidations exceeding $14.59 million, followed by Ethereum and Solana with $12.3 million and $4.2 million respectively.

This surge in liquidations is a common occurrence in the crypto market as traders engage in leveraged trading. However, the current scale of market liquidation has raised questions among analysts about the underlying cause.

On a brighter note, Bitcoin is poised for a rebound. The recent rate cuts announced by the United States Federal Reserve and other G7 central banks, including the Bank of Canada and the European Central Bank (ECB), are favorable indicators for the growth of risk assets, particularly Bitcoin. The introduction of spot Bitcoin ETF offerings in various countries further solidifies the digital currency’s appeal to institutional investors.

Potential Bitcoin Recovery

As the market indices and spot BTC ETF accumulation continue to grow, a rebound in Bitcoin’s price is highly anticipated. With these positive developments, the future looks promising for the cryptocurrency market.

Stay tuned for more updates and insights on the crypto market!


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