Quick Takes:
- Bitcoin briefly took a financial cliff dive, slipping below the $67k mark, seems like the crypto waters got a bit choppy!
- With $200 million in sales led by Binance, it’s like watching a heavyweight throw punches in the market ring.
Yello Paradisers! Did your heart skip a beat as Bitcoin tumbled below $67,000 today, fueled by a massive $200 million sell-off on Binance?
Market Dynamics
Earlier today, Bitcoin’s value briefly dropped under the $67,000 threshold, hitting a low around $66,800, which translates to a dip of about 3% over the last day. This downturn is linked closely to significant spot selling activities noted across cryptocurrency exchanges, with a notable chunk coming from Binance.
Selling Surge and Liquidation Lows
Data from Glassnode pinpoints a hefty $200 million in sell-offs that rippled through the exchanges. Binance, leading the charge, significantly influenced this market movement with its substantial sell volumes. This hefty selling activity is captured by the Spot Cumulative Volume Delta (CVD), highlighting the tug-of-war between buyers and sellers.
Impact on Traders
The surge in selling pressure triggered a domino effect of liquidations. According to Coinglass, the past 24 hours have seen about $185 million worth of liquidations, with $160 million affecting long positions. Both Bitcoin and Ethereum felt the pinch, each suffering roughly $50 million in liquidations during this turbulent period.
