Leading cryptocurrency Bitcoin While there was a sudden decline again today morning, the BTC price fell to the level of $ 66,000 again.
BTC with Ethereum (ETH) While it briefly dropped to $3,319 QCP Capital analystssaid that it was due to liquidations in the stock markets.
Stating that funding rates have increased to very high levels, analysts said that funding rates were effective in the recent decline.
“The options market and higher funding rates have once again given an early signal of a sharp downward move, particularly the downward trend in risk reversals.
Bitcoin broke $70 thousand and fell below $66 thousand. ETH traded as low as $3,320.
The pace of this decline was driven by massive liquidations on retail-heavy exchanges like Binance, where funding rates rose as high as 77%.
“These high levels and the recent decline bring spot prices back to the mid-range of $60-72 thousand.”
While the latest decline in Bitcoin leaves bullish investors upset CoinglassAccording to data from , leveraged positions worth $394 million were liquidated in the last 24 hours. Of these, $312 million consisted of long positions and $81 million consisted of short positions.
While 120,310 investors became liquid in the last 24 hours, the largest liquidation was on the OKX exchange. ETH/USD The transaction took place in the pair.
Bitcoin continues to trade at $66,930 at the time of writing.
*This is not investment advice.
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