Bitcoin
Bitcoin (BTC)
$68,302.00 0.98922
Bitcoin price
Ethereum
Ethereum (ETH)
$3,746.37 -0.914
Ethereum price
BNB
BNB (BNB)
$594.93 -0.20103
BNB price
Solana
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$166.56 -1.63724
Solana price
XRP
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$0.5190700 -0.94944
XRP price
Shiba Inu
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$0.0000258 -7.85464
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Pepe
Pepe (PEPE)
$0.0000144 -3.11135
Pepe price
Bonk
Bonk (BONK)
$0.0000337 -8.96851
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Bitcoin
Bitcoin (BTC)
$68,302.00 0.98922
Bitcoin price
Ethereum
Ethereum (ETH)
$3,746.37 -0.914
Ethereum price
BNB
BNB (BNB)
$594.93 -0.20103
BNB price
Solana
Solana (SOL)
$166.56 -1.63724
Solana price
XRP
XRP (XRP)
$0.5190700 -0.94944
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000258 -7.85464
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000144 -3.11135
Pepe price
Bonk
Bonk (BONK)
$0.0000337 -8.96851
Bonk price
Bitcoin
Bitcoin (BTC)
$68,302.00 0.98922
Bitcoin price
Ethereum
Ethereum (ETH)
$3,746.37 -0.914
Ethereum price
BNB
BNB (BNB)
$594.93 -0.20103
BNB price
Solana
Solana (SOL)
$166.56 -1.63724
Solana price
XRP
XRP (XRP)
$0.5190700 -0.94944
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000258 -7.85464
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000144 -3.11135
Pepe price
Bonk
Bonk (BONK)
$0.0000337 -8.96851
Bonk price
Bitcoin
Bitcoin (BTC)
$68,302.00 0.98922
Bitcoin price
Ethereum
Ethereum (ETH)
$3,746.37 -0.914
Ethereum price
BNB
BNB (BNB)
$594.93 -0.20103
BNB price
Solana
Solana (SOL)
$166.56 -1.63724
Solana price
XRP
XRP (XRP)
$0.5190700 -0.94944
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000258 -7.85464
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000144 -3.11135
Pepe price
Bonk
Bonk (BONK)
$0.0000337 -8.96851
Bonk price
SirWin
SirWin
SirWin

Bitcoin drops below $60k, traders liquidate $115m in 4 hours

bitcoin-drops-below-60k-traders-liquidate-115m-in-4-hours
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Markets
Bitcoin drops below $60k, traders liquidate $115m in 4 hours

The price of Bitcoin immediately dropped below the $60,000 level as the halving approaches.

According to CoinMarketCap data, Bitcoin (BTC) is down more than 3% in price over the past 24 hours, trading at $59,800 when writing. Cryptocurrency trading volumes decreased by almost 12% to $40 billion.

Bitcoin drops below $60k, traders liquidate $115m in 4 hours - 1
Source: CoinMarketCap

CoinGlass data shows that traders are actively liquidating positions. In the last four hours, traders have offloaded over $115 million worth of assets, $96.70 million of which were long positions and the rest short. The largest share of liquidations occurred on the OKX crypto exchange, totaling $43.81 million.

Bitcoin drops below $60k, traders liquidate $115m in 4 hours - 2
Source: Coinglass

In a few days, the impending BTC halving will occur, with traders potentially exiting positions due to the seismic event. The halving will reduce miner rewards by 50%, stifling the number of coins uploaded to the market — a feature that some Bitcoin supporters consider optimistic.

In the run-up to the halving, the coin has experienced increased volatility, not only because of the halving. The sell-off also comes as investors continue to withdraw funds from popular Bitcoin ETFs after U.S. Federal Reserve Chairman Jerome Powell said the central bank needs to see more progress on the inflation front before cutting rates.

Markus Thielen, head of research at 10x Research, notes that crypto miners began accumulating Bitcoins in January 2024 to increase the imbalance between supply and demand. As a result, BTC’s price rose sharply and reached its historical maximum in March.

On the other side, digital asset mining companies will gradually eliminate accumulated coins after halving, putting pressure on the price of cryptocurrencies.