Bitcoin price hit a new low in nearly two months on the morning of the 4th, with more than 100,000 people liquidated across the network in the past 24 hours, totaling 263 million U.S. dollars in liquidation.
The price of Bitcoin (BTC) dropped sharply to $59,570 around 6:00 p.m. yesterday (3rd), although it later rebounded to above $60,000. However, it fell again to a low of $59,375 in the early hours of the 4th, and as of 10 a.m. today, the latest updated price showed that the price of Bitcoin further dropped to $57,800, hitting a new low in nearly two months.
According to Coinglass data, as of the deadline, the total liquidation amount across the network reached 263 million U.S. dollars in the past 24 hours, with over 100,000 people liquidated. Among them, the liquidation of long positions reached 233 million U.S. dollars, while the liquidation of short positions reached 29.9 million U.S. dollars. The largest liquidation order occurred in the ETH/USD trading pair on OKX, with a value of as much as 4 million U.S. dollars.
The crypto community wailed in response to such a drastic market. Some people said that the cryptocurrency market is about to go “to the grave”, and many recent classic jokes about the decline have resurfaced in the cryptocurrency community. Crypto KOL He Bi posted a joke on the X platform, saying “Let’s speculate on coins together in the next life.”
Will there be further decline? Crypto analyst Ali stated on the X platform that although in the past 24 hours, long positions were liquidated by 280 million U.S. dollars and short positions were liquidated by 25.4 million U.S. dollars, compared with the historically large-scale liquidation events of over 1 billion U.S. dollars, this liquidation amount is relatively small. Ali believes that the decline in Bitcoin may not be over yet. Dooqu also reminded cryptocurrency investors that for the sake of their physical and mental health, they may need to turn off notifications from exchanges for a while.