Bitcoin Drops To Three-Month Low Amid Market Liquidations
· Business · LiveMint, Bloomberg
Bitcoin fell to a three-month low of approximately $63,000 over the weekend as a wave of leveraged long positions were liquidated. The largest cryptocurrency dropped 5.7% in US trading on Saturday and continued to decline in Asia on Sunday, hitting its lowest point since August 17. Ether also saw significant losses, falling to $1,731, its lowest level since July 9. Market analysts attribute the volatility to technical factors, including Bitcoin breaking below its 200-day moving average, alongside concerns over interest rates and outflows from US spot Bitcoin ETFs. Coinglass data recorded nearly $1.9 billion in total crypto liquidations over the 24 hours leading into Sunday morning in Singapore.
Why it matters
The sharp decline and high volume of liquidations underscore the risks for leveraged traders and the current volatility affecting the broader digital asset market.
Read the original report — LiveMint
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