Bitcoin Long Liquidations Surge

Long liquidations have surged over the past 24 hours as Bitcoin’s price fell below $67,000.

According to data from Coinglass, there were over $68 million in Bitcoin long liquidations across centralized exchanges, contributing to a total of $75 million in liquidated BTC positions. The broader cryptocurrency market experienced over $167 million in total liquidations during the same period, with around $143 million in long positions liquidated.

ETH, the second-largest cryptocurrency, also faced significant liquidations, with over $40 million liquidated in leveraged positions, of which more than $33 million were long positions.

Liquidations occur when a trader’s position is automatically closed due to insufficient funds, often caused by price movements that deplete initial margin or collateral.

US Government Bitcoin Transfers

Additionally, a significant factor in the recent downturn was the transfer of approximately $2 billion worth of Bitcoin from a U.S. government wallet. Arkham Intelligence reported that a wallet identified as belonging to the U.S. government moved nearly 28,000 Bitcoin, tied to funds confiscated from the Silk Road dark web market.

Potential Upside for Bitcoin

Currently trading at $66,735, down almost 4% in the last 24 hours, lead analyst Valentin Fournier of BRN views the situation positively. He states that this correction can provide a stronger foundation for future rallies.

Fournier mentions bullish macro catalysts supporting Bitcoin’s growth, including anticipated interest rate cuts, growing institutional adoption, interest from developed countries holding Bitcoin as a reserve asset, and a strong U.S. economy.

Bitcoin’s market dominance is at 52.5%, while Ether’s is at 16%, with the global cryptocurrency market cap decreasing by around 3.2% to $2.51 trillion.