Business · Markets · 1 hr ago
Bitcoin Falls to Three-Month Low as Crypto Liquidations Rise
Bitcoin fell to $63,311 over the weekend, its lowest level since August 17, as cryptocurrencies dropped.
The decline followed a 5.7% fall in Bitcoin in the US on Saturday, with further losses in Asian trading on Sunday.
Ether also reached its lowest level since July 9, falling to $1,731.
Analysts cited expectations of higher interest rates, outflows from US Bitcoin funds and a broader move away from risky assets among the pressures on crypto prices.
About $1.9 billion in crypto positions were liquidated in the 24 hours through 7 a.m.
Sunday in Singapore, with long bets making up most of the total.
Bitcoin has fallen about 25% since October 21, but one market executive said it may be nearing a technical floor, based on past support levels and a long-term price trend.
Bitcoin fell to $63,311 on Sunday, its weakest level since Aug. 17.
The decline followed a 5.7% drop in the US on Saturday and came as leveraged crypto positions were liquidated.
Crypto liquidations totaled about $1.9 billion in the 24 hours through 7 a.m. Sunday in Singapore, according to Coinglass.
Ether fell to $1,731, its lowest level since July 9.
Bitcoin has dropped about 25% since Oct. 21, amid factors including expectations of higher interest rates and outflows from US spot Bitcoin ETFs.
- Who
- Bitcoin and other cryptocurrencies, including Ether, fell as leveraged traders’ positions were liquidated.
- What
- Bitcoin reached a three-month low of $63,311. Crypto liquidations totaled about $1.9 billion over 24 hours.
- When
- Over the weekend, with Bitcoin reaching its low on Sunday.
- Where
- Bitcoin fell in US trading on Saturday and continued lower in Asia on Sunday.
- Why
- The article cites leveraged-position liquidations and a combination of market pressures, including higher-rate expectations, ETF outflows, risk aversion and fallout from a Binance hack.
This story does not have two clearly opposing sides.
Bitcoin’s decline from that date amounted to about 25% by the time of the article.
US-listed spot Bitcoin ETFs recorded almost $3 billion in net outflows.
Bitcoin’s slide triggered the liquidation of roughly $1.3 billion in long crypto bets over 24 hours.
Bitcoin fell 5.7% in the US.
Bitcoin dropped to $63,311, while crypto liquidations reached about $1.9 billion over the preceding 24 hours.
- Bitcoin low
- $63,311 on Sunday
- Bitcoin daily drop
- 5.7% in the US on Saturday
- Crypto liquidations
- About $1.9 billion in 24 hours through 7 a.m. Sunday in Singapore
- Ether low
- $1,731 on Sunday
- ETF outflows
- Almost $3 billion from Oct. 30 through Nov. 13
What people are saying
I think this is a technical move, as Bitcoin broke down through its 200-day moving average of about $73,000, which has caused a slew of liquidations and new shorts to develop
Bitcoin has seen support at levels at or just below here over the last year, and we are approaching the bottom of a long term trend-channel