While Bitcoin, the ancestor of cryptocurrencies, was priced around 68 thousand dollars a week ago, it has now fallen below 57 thousand dollars. With its latest downward movement, BTC fell to its lowest level since the end of February.
Leveraged transactions hurt!
The decline in Bitcoin and altcoin prices undoubtedly affected leveraged investors worse. According to data from market tracker CoinGlass, investors liquidated a total of $454 million in transactions in the last 24 hours.
While 389.5 million dollars of the said figure was realized from long transactions, the short sellers' loss was limited to only 64 million dollars. 133 thousand 850 traders who made leveraged transactions in the last 24 hours met with a bitter end.
The transaction that suffered the biggest loss came from a position in the ETH-USDT parity on the OKX exchange. The trader lost $6.07 million in one move.
Of the total liquidations, $163 million was in BTC and $116 million was in ETH parities.
How far can Bitcoin fall?
While the decline in the cryptocurrency market causes concern among investors, influencers and analysts are sharing their Bitcoin comments one after another.
Rekt Capital, which previously shared that it expected a decline after the halving, compared the last movement in the BTC price to the 2016 halving period.
Rekt Capital expects the post-halving danger zone to end in nine days. The famous phenomenon points to past data and thinks that a parabolic rise is possible after sales and accumulation periods.
