A precipitous drop in the price of Bitcoin has resulted in a flood of liquidations across the various cryptocurrency exchanges. In a couple of minutes, the price of bitcoin dropped from $23,443 to $22,259, according to statistics provided by CoinGlass. As a result of this price drop, $250 million worth of crypto assets were liquidated.
The most severe losses were sustained by traders who had long positions in Bitcoin and Ethereum, which totaled $76 million and $40 million, respectively.
At the time of publication, a particular cause for the drop has not been determined, despite the fact that cryptocurrency markets continue to experience macro headwinds.
Investors are also analyzing the potential impact of a client exodus at the cryptocurrency-friendly bank Silvergate, which recently announced that it will have to conduct a new audit to assess its longevity in the wake of the failure of FTX. Investors are doing this because Silvergate recently announced that it will have to conduct a new audit.
According to the fictitious trader and analyst Credible Crypto, Bitcoin (BTC) has struck low time frame support around $22,243 and has to maintain its position above that level in order to prevent additional movement to the negative.
As was to be anticipated, our help may now be found in the lower time frames. It is the time for the bulls to take a stand here. In the event that they are unable to, my downside goal will be reached much sooner than later… In addition, I will mention that until or until we break the lows around $21,373, I will remain bullish (on the green path).
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