Bitcoin prices fell suddenly late on Thursday amid reports of hundreds of millions in sales, triggering a bloodbath across futures and spot markets.
This was the first thought that crossed the mind of Reetika, a Dubai-based bitcoin and crypto trader, during her usual routine of checking prices after waking up.
In the past 24 hours, Bitcoin fell as much as 9% to $25,000 from $28,500 on Binance, leading to a market-wide fall that sent major tokens like litecoin tumbling by 14%. This caused more than $1 billion in crypto futures to be liquidated, a 14-month high. “Potential Grayscale decision tomorrow. We've seen BTC OI ramp up in position, with a bias to shorts,” said Decentral Park Capital trader Lewis Harland, in a message to CoinDesk. “The break below $28,500 led to material volumes of longs being liquidated. This has been combined with spot selling ahead of the date .”
most long liquidations took place on crypto exchange OKX, accounting for nearly 40% of the entire market.Some fundamental catalysts, however, are the rising interest rates in the U.S., as previously reported.
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