Bitcoin

Drops

<p>Bitcoin took a sharp dive, dropping over $1,400 within two hours and extending its 24-hour losses to 2.3%. A significant factor behind this decline could be Mt. Gox’s <a href="https://www.cryptotimes.io/2024/07/24/mt-gox-bitcoin-released-to-creditors-from-kraken/" target="_blank" rel="noreferrer noopener">ongoing repayments to creditors</a>. Over the past 24 hours, Bitcoin’s price fell to $63,800, however, it bounced back and now trading at $64,156.5.</p> 
<p>Despite the dip, its market capitalization is $1.27 trillion, with a 24-hour trading volume of $33.77 billion.</p> 
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  <img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXdlVcv2oS2FbqdJirwHUEUjkkRBL573KSxbGLIUOU184Lkk3NX6WPQcPOUTDrtHTDHWd5PeUy9W8SLH9l844FCLWDUe3ZnU-b2qRBtNrPOe72kN2G4laDfQTZHOdV7gl3Cgy3iazBzOjCW0sliLBimmf8Y?key=PVe6BEIZlZ12alFLA69WGQ" alt="AD 4nXdlVcv2oS2FbqdJirwHUEUjkkRBL573KSxbGLIUOU184Lkk3NX6WPQcPOUTDrtHTDHWd5PeUy9W8SLH9l844FCLWDUe3ZnU b2qRBtNrPOe72kN2G4laDfQTZHOdV7gl3Cgy3iazBzOjCW0sliLBimmf8Y?key=PVe6BEIZlZ12alFLA69WGQ">
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   Image Source: Coingecko
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<p>The price drop has had a notable impact on liquidations. Bitcoin liquidations reached $83.75 million, with $71.92 million in long positions and $11.83 million in short positions being liquidated within 24 hours.</p> 
<p>In total, across the market, liquidations amounted to $292.16 million. Of this, $258.81 million were long positions, and $33.35 million were short positions. In the past day, 73,599 traders faced liquidations, cumulatively losing $292.16 million.</p> 
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  <img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXdPb_fWTzE1fJhlnhEFkE1o32rQkTUk8ziQc6bBrvmqsz6-qKqhxA0reVVk0vDvPJqbGC3COhUVruHwCx56c7z_aK0eTwrhw1FiwOGDbWJKuLJ-f8ZMEU_GqbW6MnDPkuFOeTgeAFOD1h1OKWgjWo3FqKs?key=PVe6BEIZlZ12alFLA69WGQ" alt="AD 4nXdPb fWTzE1fJhlnhEFkE1o32rQkTUk8ziQc6bBrvmqsz6 qKqhxA0reVVk0vDvPJqbGC3COhUVruHwCx56c7z aK0eTwrhw1FiwOGDbWJKuLJ f8ZMEU GqbW6MnDPkuFOeTgeAFOD1h1OKWgjWo3FqKs?key=PVe6BEIZlZ12alFLA69WGQ">
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   Image Source: Coinglass
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<p>The largest single liquidation order was recorded on Binance’s BTCUSDT pair, valued at $11.78 million. Amidst this turmoil, a glimmer of hope appeared yesterday as the <a href="https://www.cryptotimes.io/2024/07/24/bitcoin-hash-ribbon-buy-signal-potential-rally-ahead/" target="_blank" rel="noreferrer noopener">Bitcoin hash-ribbon indicator</a>, renowned for signaling prime buying opportunities, flashed a promising buy signal.</p> 
<p>The recent Bitcoin drop, largely influenced by Mt. Gox repayments, underscores market volatility. With liquidations surging, could this downturn signal a buying opportunity as suggested by the hash-ribbon indicator?</p>

Bitcoin Drops below $64K, $290M Liquidated in 24 Hours

The Crypto Times

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