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$63,790.00 1.2545
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$3,043.90 -0.42912
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$63,790.00 1.2545
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$3,043.90 -0.42912
Ethereum price
BNB
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$553.63 1.26447
BNB price
Solana
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$141.21 1.6064
Solana price
XRP
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$0.5018520 0.81825
XRP price
Shiba Inu
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$0.0000229 2.18294
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Pepe
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$0.0000051 2.29926
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Bonk
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$0.0000147 1.46379
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Bitcoin
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$63,790.00 1.2545
Bitcoin price
Ethereum
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$3,043.90 -0.42912
Ethereum price
BNB
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$553.63 1.26447
BNB price
Solana
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$141.21 1.6064
Solana price
XRP
XRP (XRP)
$0.5018520 0.81825
XRP price
Shiba Inu
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$0.0000229 2.18294
Shiba Inu price
Pepe
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$0.0000051 2.29926
Pepe price
Bonk
Bonk (BONK)
$0.0000147 1.46379
Bonk price
Bitcoin
Bitcoin (BTC)
$63,790.00 1.2545
Bitcoin price
Ethereum
Ethereum (ETH)
$3,043.90 -0.42912
Ethereum price
BNB
BNB (BNB)
$553.63 1.26447
BNB price
Solana
Solana (SOL)
$141.21 1.6064
Solana price
XRP
XRP (XRP)
$0.5018520 0.81825
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000229 2.18294
Shiba Inu price
Pepe
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$0.0000051 2.29926
Pepe price
Bonk
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$0.0000147 1.46379
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SirWin
SirWin
SirWin

Bitcoin falls 10% in three hours following Matrixport proclamation

bitcoin-falls-10-in-three-hours-following-matrixport-proclamation
Edited by
Markets
Bitcoin falls 10% in three hours following Matrixport proclamation

Bitcoin fell about 10% three hours earlier today, but market data sheds some light on this unexpected change of direction.

Bitcoin (BTC) is trading at just over $42,300 after seeing a price decrease of about 7.4% over the last 24 hours. Earlier today, the price quickly fell from about $45,500 to $40,800 — a loss of over 10% in under three hours.

CoinGlass data shows that Bitcoin has seen $2.7 million of one-hour-long liquidations, $116 million of 4-hour-long liquidations, and $129 million of 24-hour-long liquidations. Crypto investor Scott Melker suggested that this price downturn is a “leverage flush” that eliminated the overleveraged positions.

When a market has a significant amount of highly leveraged positions, a small downturn can result in the liquidation and forced sale of many assets. This forced sale then causes further price decreases that cause even more liquidations in a cycle that repeats until a “leverage flush” comes to fruition.

The investor also pointed to a report published by crypto financial services firm Matrixport as the trigger for the flush. The new report predicts that the United States Securities and Exchange Commission (SEC) will reject the Bitcoin ETF applications and follows the company’s suggestion that the opposite will happen. Still, according to Melker, this report is of little value.

Some market participants were less than impressed by Matrixport’s change of direction. Crypto influencer Stack Hodler vented on X, suggesting that this was a successful attempt at market manipulation:

Yesterday: “Bitcoin Price Set to Hit $50,000, Matrixport Points to ETF Approvals and Institutional Interest”

Today: Matrixport claims that the SEC will reject all Bitcoin spot ETFs in January.

Engineered dump to liquidate #Bitcoin longs before ETF approval?

Stack Hodler
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