Bitcoin’s price crashed by over 5% below $60,000 on Wednesday amid a market selloff impacting the broader crypto and stock markets.
Bitcoin (BTC) began the day trading for roughly $63,700 per coin. Its price began sinking drastically starting at 1:40 PM UTC, and has plummeted to $59,950 as of 4:45 PM UTC. It trades for $60,475 at press time.
Meanwhile, the price of Ethereum (ETH) has slid back under $3000 to just $2950 at writing time. The S&P500 and Nasdaq 100 have declined 0.68% and 1.27%, respectively.
According to Coinglass, the selloff has triggered $216 million in liquidations across the crypto market in the past 24 hours. That includes over 67,000 affected traders, including one trader who lost $5.4 million on an ETH-USD swap.
Many suspect the market selloff has been triggered by escalating geopolitical tensions between Iran and Israel after the former launched a barrage of drones and missiles against the latter over the weekend.
In a Monday note, a CryptoQuant analyst predicted that Bitcoin could see more downside pressure given that funding rates remain elevated compared to historical averages.
The post Bitcoin Drops Below $60,000 Triggering $215 Million In Liquidations appeared first on CryptoPotato.
The world’s largest cryptocurrency exchange – Binance – announced its services in Poland are now fully compliant with domestic regulatory standards for virtual asset service providers (VASPs). Polish users are required to sign new Terms and Conditions with Binance Poland to continue using the company’s products. In a recent blog post, Binance said the update comes…
After experiencing a mid-term uptrend, Ethereum has now reached a significant resistance region of $1.7K-$2K. A successful breakout from this range may trigger a long-term bullish rally. However, there is also a possibility that the price may face rejection and fall below the 50-week moving average once again. Technical Analysis By Shayan The Weekly Chart…
U.A.E.-based Phoenix Technology Consultants has signed a $650 million order for crypto mining rigs, one of the largest purchases on record, CEO Munaf Ali said at the World Digital Mining Summit (WDMS), which started in Dubai.Deliveries of the “new generation” machines will start in 2022. Phoenix will also place orders for over $2 billion worth…
Earlier today (February 24th), Russian military forces launched a “special military operation” (as Vladimir Putin calls it) in Ukraine. However, it all seems like the beginning of a full-scale invasion, which could disrupt the continent’s peace. Vitalik Buterin – the Co-Founder of Ethereum – criticized that act calling it a “crime against the Ukrainian and…
Ethereum’s price has failed to climb back above the $4,000 level and is currently dropping lower. While the market is correcting at the moment, a bullish rebound is still possible in the near future. Technical Analysis By TradingRage The Daily Chart On the daily timeframe, the price was rejected from the $4,000 level back in
Radix, the “full-stack” Layer 1 network, has prepared for a significant surge in the DeFi sector. Since upgrading its network with smart contract capabilities via the Radix Babylon Mainnet Upgrade six months ago, Radix has witnessed a substantial increase in its total value locked (TVL), setting the stage for an impactful year in 2024. The
Canada has its first cryptocurrency-focused Investment Industry Regulatory Organization of Canada (IIROC) as the local watchdogs approved Fidelity Clearing Canada (FCC) to launch a new institutional digital asset service. Canada has displayed a somewhat open-minded approach towards the cryptocurrency industry lately as it published a clear set of regulations a few months back and approved…
XRP/USD – Bulls Maintain $1.00 Support Key Support Levels: $1.36, $1.25, $1.10. Key Resistance Levels: $1.42, $1.50, $1.55. Similar to the overall cryptocurrency market, XRP had seen a fortnight of price declines since setting a new 2021 high at $1.98. It was in the middle of a freefall over the past two weeks until support…
Ripple has been caught in an ongoing legal battle against the SEC for almost three years now, and it seems Chris Larsen and Brad Garlinghouse are fully committed to fighting the regulatory agency until they get a decisive victory. While the XRP community is eager to see the latest developments in the case, here are