According to some reports, Bitcoin’s price again fell to 21,000 USD leading to more than 150 million USD in liquidations. It seems that Bitcoin is back on the slide between the interest rate hikes of the Central Bank and Silvergate’s fall down. Over the past few months, bankruptcy and failures of multiple crypto-focused banks and exchanges have been stopping bitcoin from getting into a bull run.
Bitcoin is back on the slide
As we can see, bitcoin, the largest cryptocurrency in the world, is sinking back to lows not seen since Jan 2023 amid ongoing sell pressure created due to Silvergate woes and the hawkish central bank’s new policy. Reports show bitcoin falling down to 21,000 USD has led the crypto market to undergo 159 million USD in liquidation on a 24-hour basis.
Last Thursday at 14:19 UST, Bitcoin traded for 21,811 USD before sinking down to 21,437 USD in the next four hours. Beginning at roughly 18:22 UST, the price of bitcoin quickly fell from 21,431 USD to 20,969 USD at 18:53 UST. By the time of writing, Bitcoin is trading at 19,885.40 USD.
Coinglass, one of the most popular crypto futures trading platforms, released a statement stating that the downfall of bitcoin’s price has trigged 46.32 million USD in liquidation in the last hour itself. Around 26 million USD worth of liquidations just came from BTC trades, with another 11 million USD from Ethereum-related losses.
Over the past day, more than 49,000 traders have been liquidating their holdings for more than 150 million USD in total. The largest single liquidation which was recorded took place on BitMEX on an XBTUSD trade for 6.49 million USD.
Bitcoin was trading fine until Silvergate’s failure
As you know, Bitcoin’s price again fell to 21,000 USD leading to more than 150 million USD in liquidations. However, everything was fine with BTC earlier this month, and it was trading well over 23,000 USD until one of the largest crypto-focused banks in the market, Silvergate, revealed its operational damages that made them incapable of submitting their annual financial results.
On the other hand, Jerome Powell, Chairman of the US Federal Reserve, declared last Tuesday that the central bank interest rates will be hiked further to fight inflation which still remains well above its 2% goal.
What are your thoughts on the downfall in the price of Bitcoin? How long do you think it will take Bitcoin to reach the 23,000 USD mark again? Let us know in the comments below. And if you found our content informative, share it with your family and friends.
Also Read: US DOJ challenges sale of Voyager’s sale to Binance.