After Ripple's victory over the SEC yesterday, the price of Bitcoin, which rose above $ 31,000 and stood at this level for a day, lost more than 4% with a sudden decrease and saw below $ 30,000.
BTC price is trading at $ 30,200 at the time of this writing.
With the decline in BTC, altcoins also lost blood and one of the biggest regressions was in yesterday's star XRP. XRP has lost more than 12% in the last 24 hours.
With the declines in the last four hours, there has been approximately 130 million dollars of liquidation in the crypto money market. A very significant portion of the liquidations with $116 million were in long positions.
In the past 24 hours, 74,044 traders have been liquidated, with the total liquidation amounting to $242.83 million.
It is thought that the liquidation of such a loaded long position may have played a triggering role in the decline.
When we evaluate it on a coin basis, the biggest liquidation was in Bitcoin with $ 22.65 million. Ethereum followed BTC with $11.73 million. XRP is in third place with $4.33 million and Litecoin is in fourth place with $3.31 million.
The BTC open interest-weighted funding rate is positive at 0.0058%, meaning longs pay shorts. So there are more long positions right now.
The BTC volume-weighted funding rate is also positive at 0.0079%, but lower than the BTC open interest-weighted funding rate. This means that the volume on exchanges with a higher funding rate is weaker than on exchanges with a lower funding rate. This may indicate lower liquidity or trading activity for Bitcoin futures contracts.
In addition, the downward trend in the markets may have been triggered by Binance's announcement that it had laid off up to 1,000 employees, according to the Wall Street Journal.
According to yet another claim, it is known that the US Government recently transferred more than 9000 Bitcoins to an unknown wallet. With the recent rise, it is estimated that the US Government may have sold these Bitcoins and therefore there may have been a decrease.
*Not investment advice.