Ethereum

Prime

Bitcoin

Million

Bitcoin’s price has been crashing in the past 24 hours, charting a decline of around 3.6% on the day. This brings BTC’s weekly losses to above 4%, as the cryptocurrency is currently dipping below $57,000.
<figure id="attachment_353879" aria-describedby="caption-attachment-353879" style="width: 100%" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2024/08/BTCUSD_2024-08-15_22-46-26.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img class="size-full wp-image-353879" src="https://cryptopotato.com/wp-content/uploads/2024/08/BTCUSD_2024-08-15_22-46-26.png" alt="" width="2648" height="1594" srcset="https://cryptopotato.com/wp-content/uploads/2024/08/BTCUSD_2024-08-15_22-46-26.png 2648w, https://cryptopotato.com/wp-content/uploads/2024/08/BTCUSD_2024-08-15_22-46-26-300x181.png 300w, https://cryptopotato.com/wp-content/uploads/2024/08/BTCUSD_2024-08-15_22-46-26-1024x616.png 1024w, https://cryptopotato.com/wp-content/uploads/2024/08/BTCUSD_2024-08-15_22-46-26-768x462.png 768w, https://cryptopotato.com/wp-content/uploads/2024/08/BTCUSD_2024-08-15_22-46-26-1536x925.png 1536w, https://cryptopotato.com/wp-content/uploads/2024/08/BTCUSD_2024-08-15_22-46-26-2048x1233.png 2048w, https://cryptopotato.com/wp-content/uploads/2024/08/BTCUSD_2024-08-15_22-46-26-50x30.png 50w" sizes="(max-width: 2648px) 100vw, 2648px"></a>
 <figcaption id="caption-attachment-353879" class="wp-caption-text">
 Source: TradingView
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Interestingly enough, the stock market is experiencing a considerable uptick during the same period. The S&amp;P 500 is up almost 2% on the day, while NASDAQ is also charting 0.6% gains.
The rapid decline in Bitcoin’s price&nbsp;was quite possibly&nbsp;<a href="https://cryptopotato.com/bitcoin-drops-to-59000-as-us-government-moves-to-sell-more-btc/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">caused</a> by the fact that&nbsp;10K BTC was moved from a known US Government wallet to a Coinbase Prime deposit wallet.&nbsp; In addition, on Tuesday, BitGo moved $2 billion worth of Mt. Gox BTC, sparking worries of increased selling pressure.
That said, Bitcoin’s crash below $57K triggered liquidations upward of $200 million across the derivatives market.
<figure id="attachment_353881" aria-describedby="caption-attachment-353881" style="width: 100%" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2024/08/Screenshot-2024-08-15-at-22.57.22.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img class="size-full wp-image-353881" src="https://cryptopotato.com/wp-content/uploads/2024/08/Screenshot-2024-08-15-at-22.57.22.png" alt="" width="1140" height="622" srcset="https://cryptopotato.com/wp-content/uploads/2024/08/Screenshot-2024-08-15-at-22.57.22.png 1140w, https://cryptopotato.com/wp-content/uploads/2024/08/Screenshot-2024-08-15-at-22.57.22-300x164.png 300w, https://cryptopotato.com/wp-content/uploads/2024/08/Screenshot-2024-08-15-at-22.57.22-1024x559.png 1024w, https://cryptopotato.com/wp-content/uploads/2024/08/Screenshot-2024-08-15-at-22.57.22-768x419.png 768w, https://cryptopotato.com/wp-content/uploads/2024/08/Screenshot-2024-08-15-at-22.57.22-50x27.png 50w" sizes="(max-width: 1140px) 100vw, 1140px"></a>
 <figcaption id="caption-attachment-353881" class="wp-caption-text">
 Source: Coinglass
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</figure>
Most of the positions were long traders, which is to be expected during a downward move. That said, ETH derivatives traders suffered the most, accounting for $70 million of the total liquidations. Ethereum is down 4.6% in the past 24 hours.
The post <a href="https://cryptopotato.com/bitcoin-price-crashes-below-57k-as-total-liquidations-exceed-200-million/" rel="noopener noreferrer nofollow">Bitcoin Price Crashes Below $57K as Total Liquidations Exceed $200 Million</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.

Bitcoin Price Crashes Below $57K as Total Liquidations Exceed $200 Million

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