Bitcoin

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Bitcoin had finally seen a minor relief rally that drove it to $57,000 after the US jobs report when the bears reminded of their presence and pushed it south hard.
The total liquidations have skyrocketed to about $150 million on a daily basis.
The primary cryptocurrency has <a href="https://cryptopotato.com/bitcoin-btc-dropped-to-new-monthly-low-as-alts-bleed-out-market-watch/" data-wpel-link="internal" rel="noopener noreferrer nofollow">faced its fair share of adversity</a> in the past week or so, as its price tumbled from $65,100 last Monday to $55,500 earlier today.
This is when some positive news affected the market. As reported earlier today, the asset <a href="https://cryptopotato.com/bitcoin-price-reacts-to-us-jobs-report-and-declining-unemployment-rate/" data-wpel-link="internal" rel="noopener noreferrer nofollow">jumped</a> to $57,000 after the US released the August jobs report, which outlined a minor decline in the unemployment rate.
However, that was another short-lived rally that actually turned out to be a false breakout. Instead of further increasing on the hopes of upcoming rate cuts in the States, BTC quickly retraced hard.
In a matter of minutes, the asset slumped by about two and a half grand from $57,000 to $54,400. This became its lowest price tag in exactly a month.
<figure id="attachment_358586" aria-describedby="caption-attachment-358586" style="width: 100%" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2024/09/BTCUSD-7.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img class="size-full wp-image-358586" src="https://cryptopotato.com/wp-content/uploads/2024/09/BTCUSD-7.png" alt="Bitcoin/Price/Chart 06.09.2024. Source: TradingView" width="3030" height="1478" srcset="https://cryptopotato.com/wp-content/uploads/2024/09/BTCUSD-7.png 3030w, https://cryptopotato.com/wp-content/uploads/2024/09/BTCUSD-7-300x146.png 300w, https://cryptopotato.com/wp-content/uploads/2024/09/BTCUSD-7-1024x499.png 1024w, https://cryptopotato.com/wp-content/uploads/2024/09/BTCUSD-7-768x375.png 768w, https://cryptopotato.com/wp-content/uploads/2024/09/BTCUSD-7-1536x749.png 1536w, https://cryptopotato.com/wp-content/uploads/2024/09/BTCUSD-7-2048x999.png 2048w, https://cryptopotato.com/wp-content/uploads/2024/09/BTCUSD-7-50x24.png 50w" sizes="(max-width: 3030px) 100vw, 3030px"></a>
 <figcaption id="caption-attachment-358586" class="wp-caption-text">
 Bitcoin/Price/Chart 06.09.2024. Source: TradingView
 </figcaption>
</figure>
The altcoins followed suit, with ETH declining to $2,320, SOL dropping below $130, and XRP retracing to $0.53.
This volatility has harmed over-leveraged traders as over 45,000 such market participants have been wrecked in the past day. The total value of liquidations is up to $150 million within the same timeframe.
The single-largest wrecked position was a whooping one. It took place on HTX and was worth north of $13 million.
The post <a href="https://cryptopotato.com/150m-in-liquidations-as-bitcoin-btc-price-falls-2-5k-in-minutes/" rel="noopener noreferrer nofollow">$150M in Liquidations as Bitcoin (BTC) Price Falls $2.5K in Minutes</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.

$150M in Liquidations as Bitcoin (BTC) Price Falls $2.5K in Minutes

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