Bitcoin dips below $64,000 as stocks hit record highs
The value of the largest cryptocurrency by market cap decreased by over 4% in the past 24 hours, trading at $63,990 at 8:46 a.m. ET.
Market volatility over the past day
The bitcoin price correction over the past day led to the substantial liquidation of long positions on centralized exchanges. This volatility resulted in the liquidation of more than $54 million in bitcoin positions, with the majority — over $40 million — being longs, according to CoinGlass data.
The second-largest crypto, ether, also experienced a 3.4% downturn over the past day — now at $3,417 at 8:46 a.m. ET. SOL, the native coin of the Solana network, was hit harder, sliding by over 8% in the same period, according to The Block’s Prices Page.
The overall crypto market experienced over $134 million in liquidated long positions in the last 24 hours, contributing to a total of $192 million in liquidations across various centralized exchanges, the data show. (Liquidations occur when a trader’s position is forcibly closed due to a lack of funds to cover losses. This happens when market movements are unfavorable to the trader’s position, leading to the depletion of their initial margin or collateral.)
Declining bitcoin liquid supply
Bitcoin exchange reserves have fallen to a multi-week low, indicating an increase in investors removing their coins as part of a long-term holding strategy.
According to CryptoQuant data, in the past month, there has been an outflow of over 44,600 bitcoins, resulting in exchange reserves hitting a multi-week low of just over 2 million bitcoins.
The outflow of bitcoin from exchanges to cold storage has been a trend since the beginning of the year, possibly driven by the rise in the digital asset's price and spot bitcoin ETF inflows.
The GM 30 Index, representing a selection of the top 30 cryptocurrencies, has decreased by 3.98% to 141.78 in the past 24 hours.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
The ultimate bottleneck for AI is not just electricity, but also the electricity bill! As data centers become a focus in the US elections, AI infrastructure investment faces a "ballot stress test"
In 2026, data center spending, as the backbone of the artificial intelligence industry, will reach a record high. However, alongside the boom in infrastructure construction, opposition to data centers has risen sharply this year. What started as a localized issue has quickly evolved into a key topic for the November midterm elections.
Eurozone Bond Yields Rise as Brent Touches $100; 10-Year Bund Yield Hits 15-Year High -- Update
From AI to gold and U.S. Treasury bonds: almost everything is surging to new highs, the market welcomes “Everything High”
AI capital expenditure and corporate earnings expectations continue to rise, while energy, gold, US Treasury yields, and market positions are also climbing. On the surface, this suggests a comprehensive increase in growth and risk appetite; however, when inflation, interest rates, and crowded trades are all at high levels, the market's tolerance for the sustainability of the AI boom is also narrowing.
Trump pushes Fed to cut rates, but Waller may go the opposite way: Next week’s meeting faces a “three-way choice”
Bloomberg columnist Claudia Sahm believes that as Trump continues to pressure for rate cuts while inflation remains well above the 2% target, raising rates is becoming an option again, leaving Waller facing a tough decision next week. The Federal Reserve has three paths: raising rates without Waller’s support, which could trigger rare internal divisions; holding steady, which may invite criticism of political interference; or Waller leading a rate hike, which could withstand White House pressure and defend policy independence.
Crypto prices
More
