{"id":10755,"date":"2024-10-01T15:56:10","date_gmt":"2024-10-01T15:56:10","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=10755"},"modified":"2024-10-01T15:56:10","modified_gmt":"2024-10-01T15:56:10","slug":"350-million-in-liquidations-as-bitcoin-btc-price-dumped-to-2-week-low","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=10755","title":{"rendered":"$350 Million in Liquidations as Bitcoin (BTC) Price Dumped to 2-Week Low"},"content":{"rendered":"

Bitcoin\u2019s price took another turn for the worse in the past hour or so, dumping by several grand to a multi-week low of under $62,000.<\/p>\n

This is the asset\u2019s lowest price tag since the US Federal Reserve cut the interest rates in mid-September.<\/p>\n

CryptoPotato<\/em> reported<\/a> in the morning that BTC had recovered some ground following yesterday\u2019s price dip beneath $63,000 and stood close to $64,000.<\/p>\n

However, the cryptocurrency was rejected there and pushed south hard. At first, it dropped to $63,000 once again, but the bears kept the pressure on and drove it to a two-week low of $61,800 (on Bitstamp) minutes ago.<\/p>\n

The bulls managed to intercept the move and bitcoin has recovered about a grand since then. Most altcoins have followed suit, with ETH slipping by over 3% in the past 24 hours, SOL dropping by 3.6%, and DOGE plummeting by over 5%.<\/p>\n

Interestingly, this price drop<\/a> comes even after Jerome Powell, the Fed Chair, said yesterday that he foresees two more rate cuts for the US central bank by the end of the year.<\/p>\n

The previous rate slash resulted in a price rally for the largest cryptocurrency, which jumped from $59,000 on September 18 to over $66,000 about ten days later.<\/p>\n

This massive volatility in the crypto market has liquidated almost 120,000 over-leveraged traders in the past day. The total value of wrecked positions is up to $350 million. Long positions are responsible for the lion\u2019s share, but neither BTC nor ETH occupy the first spot.<\/p>\n

<\/a>24-hour Liquidation Heat Map. Source: CoinGlass<\/p>\n

The post $350 Million in Liquidations as Bitcoin (BTC) Price Dumped to 2-Week Low<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Bitcoin\u2019s price took another turn for the worse in the past hour or so, dumping by several grand to a multi-week low of under $62,000. This is the asset\u2019s lowest price tag since the US Federal Reserve cut the interest rates in mid-September. CryptoPotato reported in the morning that BTC had recovered some ground following […]<\/p>\n","protected":false},"author":0,"featured_media":10756,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-10755","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/10755"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10755"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/10755\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/10756"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10755"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10755"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10755"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}