Bitcoin is falling as leveraged investors are hammered by a series of liquidations.
BTC dropped in price from $74,300 down to $66,800 over the past 24 hours. This triggered a massive $1.42 Billion in liquidations according to CoinGlass.
The traders who are long suffer the most. They have recorded $1,24 billion of liquidations.
Ethereum traders were also affected by the large number of liquidations, as they liquidated long positions worth $262 millions.
The debate about when this carnage will end is still ongoing.
Chief investment officer at digital asset manager Bitwise, says the cryptocurrency market could be close to a recovery than most investors think. He argues that the downturn started earlier than was widely believed and may have reached its final stages.
Matt Hougan claims that the crypto market has entered a full-blown “crypto winter” by January 2025. However, heavy institutional inflows have masked this decline for the major assets such as Bitcoin (BTC), and Ethereum (ETH).
The crypto winters last about 13 months according to him, noting previous cycles from 2018 and 2022. He also suggested that the current decline may be more advanced than investors think.
Crypto winters usually end with exhaustion, not excitement.
Crypto winters last on average 13 months. Bitcoin, for example, peaked in December 2017, and fell to its lowest point in December 2018. The price peaked in October 2021, and the bottom was in November 2022.
According to that measure, it looks like we are in for some rough times. Bitcoin’s peak was in October 2025. Why not wait until November next year?
No, I’m not sure.
We just couldn’t see it because flows from ETFs and Digital Asset Treasuries (DATs) obscured the picture.” It was just that the ETFs, Digital Asset Treasuries and other flows obscured it. .”
Hougan points out that the ongoing progress in regulatory matters, adoption by institutions, growth of stablecoins, and tokenization are all positive factors which could be a catalyst for a rally when sentiments improve.
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Sources of Images include Pixabay Creative Commons & Midjourney
The post Bitcoin plummets to $66,800 as $1,420,000,000 worth of Bitcoin and Crypto is liquidated may be updated with the latest developments.
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