Bitcoin Plunges Below $65K, Triggering $500M in Liquidations
The sharp decline in the bitcoin price over the past weekend, with the cryptocurrency falling below the psychologically important $65,000 mark, has triggered a wave of forced liquidations of trader positions totaling more than $500 million.
The drop in bitcoin, which had reached a new all-time high of over $68,000 earlier in November, occurred against the backdrop of overall macroeconomic uncertainty. The stock market is also showing signs of instability due to concerns about new pandemic-related restrictions, potential interest rate hikes by the US Federal Reserve, and geopolitical tensions.
This situation is forcing investors to re-evaluate their attitude towards risky assets, including cryptocurrencies, leading to sell-offs. According to data from analytics firm Coinglass, the total volume of crypto position liquidations over the past 24 hours has exceeded $500 million.
Expert Opinion: The current bitcoin correction is likely a healthy pullback within the broader bullish trend. Given the fundamental factors, such as growing institutional adoption, limited supply, and high demand, the cryptocurrency market retains the potential for further growth in the medium and long term. However, in the short term, additional volatility is possible, especially if macroeconomic uncertainty intensifies.