{"id":236001,"date":"2024-06-25T00:13:09","date_gmt":"2024-06-25T00:13:09","guid":{"rendered":"https:\/\/michigandigitalnews.com\/index.php\/2024\/06\/25\/bitcoin-plunge-below-63k-triggers-wave-of-liquidations\/"},"modified":"2025-06-25T17:16:16","modified_gmt":"2025-06-25T17:16:16","slug":"bitcoin-plunge-below-63k-triggers-wave-of-liquidations","status":"publish","type":"post","link":"https:\/\/michigandigitalnews.com\/index.php\/2024\/06\/25\/bitcoin-plunge-below-63k-triggers-wave-of-liquidations\/","title":{"rendered":"Bitcoin plunge below $63k triggers wave of liquidations"},"content":{"rendered":"

[ad_1]
\n
<\/p>\n

\n

The cryptocurrency market faced significant turbulence as Bitcoin\u2019s (BTC) value fell below $63,000, leading to a surge in long position liquidations.<\/p>\n

CoinGlass data shows<\/u><\/a> that over the past 24 hours, Bitcoin long liquidations on centralized exchanges reached $47.9 million out of a total $49 million in liquidated BTC positions.<\/p>\n

The broader crypto market wasn\u2019t spared, with total liquidations exceeding $161 million, predominantly affecting long positions ($153 million). Ethereum (ETH), the second-largest cryptocurrency, saw $29.1 million in liquidations, with $28.5 million from long positions.<\/p>\n

What are liquidations?<\/strong><\/h2>\n

Liquidations occur when traders\u2019 positions are forcibly closed due to insufficient funds, often resulting from market volatility eroding initial margins or collateral. According to CoinGecko data<\/u><\/a>, Bitcoin currently trades at about $63,370, its monthly low, representing a 3.2% decrease in 24 hours and a 15% drop from its March 14 all-time high of $73,740.<\/p>\n

The downturn has impacted altcoins as well. Ethereum declined 4% to $3,371, while Solana (SOL) experienced a steeper 7% fall, trading around $125. The GMCI 30 Index, tracking the top 30 cryptocurrencies, dropped 4% to 124.9.<\/p>\n

CoinGecko data indicates that<\/a> Bitcoin maintains a 52.64% market dominance, followed by Ethereum at 17.76%. The global cryptocurrency market capitalization<\/a> has contracted by approximately 3.5% to $2.466 trillion.<\/p>\n

An expanding market<\/h2>\n

When observing market contractions such as this one, it is easy to forget that the regulated Bitcoin market is still aggressively growing. As reported earlier this month<\/a>, prominent asset manager VanEck is set to launch Australia\u2019s first spot Bitcoin ETF on the Australian Securities Exchange (ASX) this Thursday.<\/p>\n

This product allows investors to gain direct exposure to Bitcoin without the complexities of purchasing and storing the cryptocurrency themselves. The announcement follows April rumors<\/a> and comes after Monochrome Asset Management launched a similar product<\/a> on Australia\u2019s CBOE exchange earlier this month.<\/p>\n

Japanese investment firm Metaplanet has also recently announced plans<\/a> to issue one billion yen (approximately $6.3 million USD) in bonds to purchase Bitcoin. This decision, approved by the company\u2019s board on June 24, 2024, aligns with Metaplanet\u2019s long-term strategy to increase its cryptocurrency holdings.<\/p>\n

The bonds, set to be issued on June 26, will offer a 0.5% annual interest rate and mature on June 25, 2025. This move is expected to increase Metaplanet\u2019s Bitcoin holdings from 141.07 to around 241 BTC.<\/p>\n<\/p><\/div>\n

[ad_2]
\n
Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

[ad_1] The cryptocurrency market faced significant turbulence as Bitcoin\u2019s (BTC) value fell below $63,000, leading to a surge in long position liquidations. CoinGlass data shows<\/p>\n","protected":false},"author":1,"featured_media":236002,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[152],"tags":[],"_links":{"self":[{"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/posts\/236001"}],"collection":[{"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/comments?post=236001"}],"version-history":[{"count":0,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/posts\/236001\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/media\/236002"}],"wp:attachment":[{"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/media?parent=236001"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/categories?post=236001"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/tags?post=236001"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}