November 7, 2024

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Bitcoin, Ether price slump leads to crypto bloodbath with $1B in liquidations

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Bitcoin, Ether price slump leads to crypto bloodbath with B in liquidations

The Bitcoin (

The billion-dollar liquidation is the biggest liquidation event in crypto in the past eight months, after the last such event during the FTX collapse.

Biggest liquidation event of 2023. Source: TradingView

The price function in the crypto market was attributed to several factors, including the SpaceX Bitcoin write-down and the macroeconomics, where BTC and ETH have been trading in a range for the past couple of months.

BTC held onto the key $28,000 support for a couple of months, while ETH held the $1,500 support before giving in on Aug. 17. The liquidity in the crypto market has been on the lower side, and prominent crypto exchanges, such as Coinbase, had seen a significant decline in their trading volume.

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