Bitcoin tumbles under $39,000 triggering $115M liquidation in 1 hour – CryptoSlate

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The global crypto market cap is $1.55 trillion with a 24-hour volume of $73.63 billion. The price of Bitcoin is $39,711.92 and BTC market dominance is 50.4%. The price of Ethereum is $2,221.09 and ETH market dominance is 17.3%. The best performing cryptoasset sector is Adult, which gained 4%.
The crypto market appears shaken as Bitcoin and Ethereum prices tumbled to new local lows.
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Bitcoin’s (BTC) dip below the $39,000 mark resulted in significant liquidations totaling approximately $115 million across the cryptocurrency market during the past hour.
In the last 24 hours, BTC experienced a 4% decline, trading at $38,915 as of press time, according to data from CryptoSlate. This downturn reduced its market capitalization by around $40 billion, settling at $767 billion.
BitMEX co-founder Arthur Hayes suggested that Bitcoin’s current price trend could persist until the end of the month, influenced by the US Treasury’s quarterly refunding announcement.
Simultaneously, Ethereum (ETH) witnessed a 6% drop, reaching $2,230. The decline in ETH’s price can be attributed to substantial selling pressure from its Foundation and fund movements related to the distressed crypto entity Celsius.
Celsius transferred around 13,000 ETH (approximately $30.87 million) to Coinbase and 2,200 ETH (roughly $5.12 million) to FalconX, while the Ethereum Foundation sold $1.6 million of the digital asset.
Data from Coinglass reveals substantial losses for traders anticipating further market price increases. For context, long traders lost $115 million during the past hour alone.
When the time frame is extended to 24 hours, long traders’ losses amount to nearly $300 million, while those with bearish market positions incurred a more modest $38 million in losses during this reporting period.
Bitcoin traders bore the brunt of the downturn, losing more than $80 million, with more than 60% of these losses attributed to long positions. The most significant individual liquidation was a $5 million wager on BTC’s price increase on Bybit.
Similarly, Ethereum speculators faced total liquidations of around $70 million, with the majority of losses—approximately $60 million—stemming from traders betting on ETH price increases.
Traders holding positions in other major digital currencies also experienced substantial losses, with Solana, XRP, Dogecoin, and Ordinal seeing liquidations of $16 million, $4 million, $5 million, and $6 million, respectively.
Examining exchanges, Binance, the largest cryptocurrency exchange by trading volume, saw traders collectively lose $98 million, while OKX reported liquidations totaling $71 million. Other crypto platforms, including ByBit and HTX, witnessed a combined loss of $63.52 million among their traders.
Oluwapelumi values Bitcoin’s potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
Also known as “Akiba,” Liam is a reporter, editor and podcast producer at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.
We explore the first 5 days of Bitcoin ETF trading, analyzing their inflows and implications on the broader market.
Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Solana is a high-performance blockchain platform that utilizes a unique consensus algorithm called “Proof of History” to achieve fast transaction speeds and low fees.
The total amount of bitcoins is 21 million, and one can be subdivided into 100 million satoshi (satoshi is sat, the smallest unit of bitcoin), and there are 2100 trillion satoshi in total.
Celsius Network is a bankrupt cryptocurrency lending company that was founded in 2017 and headquartered in Hoboken, New Jersey.
Ethereum Foundation, a Swiss nonprofit organization, is a worldwide team of passionate developers.
HDR Global Trading Limited owns and operates BitMEX which is a trading platform that offers investors access to the global financial markets using only Bitcoin.
Bybit is a cryptocurrency derivative trading platform established in March 2018 and registered in the BVI.
OKX is a world-leading digital asset exchange, providing advanced financial services to global traders by using blockchain technology.
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
Arthur Hayes, a prominent figure in the world of cryptocurrency, co-founded the cryptocurrency exchange BitMEX and served as its CEO until recent events shifted his career trajectory.
Disclaimer: By using this website, you agree to our Terms and Conditions and Privacy Policy. CryptoSlate has no affiliation or relationship with any coin, business, project or event unless explicitly stated otherwise. CryptoSlate is only an informational website that provides news about coins, blockchain companies, blockchain products and blockchain events. None of the information you read on CryptoSlate should be taken as investment advice. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own diligence before making any investment decisions. CryptoSlate is not accountable, directly or indirectly, for any damage or loss incurred, alleged or otherwise, in connection to the use or reliance of any content you read on the site.
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