2024

Bitcoin

Flash

when

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<p class="has-drop-cap">In recent weeks, Bitcoin (<a href="https://tokenist.com/investing/how-to-invest-in-bitcoin/" rel="noopener noreferrer nofollow" class="deco-link">BTC</a>) has faced substantial market turbulence, with the cryptocurrency experiencing sharp price fluctuations and downward corrections.</p>
<p>The market instability triggered extensive liquidations across multiple cryptocurrency exchanges, affecting future positions of billions of dollars. At the time of writing, Bitcoin was trading at $63,192, down 6.5% over the last day.</p>
<p>Additionally, a sudden <a href="https://tokenist.com/investing/flash-crash/" rel="noopener noreferrer nofollow" class="deco-link">flash crash</a>, attributed to a large-scale sell-off by a BitMEX trader offloading more than 400 BTC, briefly plunged prices to approximately <a href="https://finance.yahoo.com/news/bitcoin-flash-crashed-8-9k-050658785.html" target="_blank" aria-label="$8,900 (opens in a new tab)" rel="noopener noreferrer nofollow" class="deco-link">$8,900</a> on the exchange.</p>
<h3 id="bitcoin-dips-below-64-000-amid-gbtc-outflows-bitmex-flash-crash-drops-price-to-8k-on-exchange">Bitcoin Dips Below $64,000 Amid GBTC Outflows; BitMEX Flash Crash Drops Price to $8k on Exchange</h3>
<p>Bitcoin’s price recently dipped below the $64,000 threshold, catalyzing a liquidation surge across cryptocurrency markets. As Bitcoin’s value slumped, liquidations exceeding $440 million were reported, sending shockwaves through both Bitcoin and altcoin markets.</p>
<p>The sharp price decline is primarily attributed to <a href="https://www.cnbc.com/2024/03/19/grayscale-ceo-says-gbtc-bitcoin-etf-fees-will-come-down-over-time.html" target="_blank" aria-label="unprecedented outflows (opens in a new tab)" rel="noopener noreferrer nofollow" class="deco-link">unprecedented outflows</a> from Grayscale’s Bitcoin Trust (GBTC) and broad market sell-offs as investors grapple with shifting sentiment and risk assessments.</p>
<p>A sudden flash crash in Bitcoin prices occurred due to an anomalous sell-off on the BitMEX exchange, momentarily plunging the cryptocurrency’s value to around $8,900.</p>
<p>The abrupt downturn was traced back to a whale trader offloading more than 400 BTC within a brief timeframe, sparking panic and fear among market participants. In response to the incident, BitMEX <a href="https://www.bitdegree.org/crypto/news/bitmex-witnesses-bitcoins-fall-to-8900-in-flash-crash" target="_blank" aria-label="investigated (opens in a new tab)" rel="noopener noreferrer nofollow" class="deco-link">investigated</a> the “unusual activity” but assured users that its derivatives markets remained unaffected by the unexpected price action.</p>
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<h3 id="bitcoin-s-general-outlook-for-2024-remains-positive">Bitcoin’s General Outlook for 2024 Remains Positive</h3>
<p>Looking ahead to 2024, despite the recent market upheaval, several analysts maintain a <a href="https://bitcoinmagazine.com/business/150000-standard-chartered-bitcoin-price-forecast-2024" target="_blank" aria-label="bullish stance (opens in a new tab)" rel="noopener noreferrer nofollow" class="deco-link">bullish stance</a> on Bitcoin’s prospects, anticipating a price recovery and stabilization.</p>
<p>The outlook for the cryptocurrency is influenced by various factors, including the Federal Reserve’s decisions regarding interest rates and the potential impact of <a href="https://tokenist.com/investing/bitcoin-etf/" rel="noopener noreferrer nofollow" class="deco-link">Bitcoin exchange-traded funds</a> (ETFs). Many experts view Bitcoin’s long-term potential as robust, with expectations of price rebounds and sustained growth extending into 2024.</p>
<p>The recent price fluctuations serve as a stark reminder of the inherently volatile nature of cryptocurrency markets, particularly when it comes to Bitcoin. While short-term challenges persist, the overarching sentiment among traders and analysts remains optimistic about Bitcoin’s future trajectory.</p> <iframe src="https://tokenist.substack.com/embed" width="100%" height="320" style="border:1px solid #EEE; background:white;" frameborder="0" scrolling="no"></iframe>
<p><em><strong>Do you think Bitcoin will continue its rally into 2024 given the upcoming halving event? Let us know in the</strong></em><strong><em> comments below.</em></strong></p>
<p><em>Disclaimer: The author does not hold or have a position in any securities discussed in the article.</em></p>
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<p>The post <a rel="noopener noreferrer nofollow" href="https://tokenist.com/bitcoin-falls-below-64000-bitmex-flash-crash-shakes-investor-confidence/">Bitcoin Falls Below $64,000, BitMEX Flash Crash Shakes Investor Confidence</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Bitcoin Falls Below $64,000, BitMEX Flash Crash Shakes Investor Confidence

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