Liquidation of Long Positions Results in a $100 Million Loss, Bitcoin Falls below $39,000, SATS and OKB Experience Highest Declines
Content Index
Toggle
Bitcoin falls below $39,000
Is Mt.GOX also a potential pressure?
$SATS has the highest decline
Cryptocurrencies experienced a significant decline on January 23. In fact, Bitcoin had been consolidating for several days after reaching $41,000 on January 20 and began to gradually decline on the morning of the 22nd, falling below $41,000 later that day.
In the early morning of the 23rd, it fell below the $40,000 mark and briefly dropped below $39,000 before the deadline. Ethereum also fell to $2,222, with a total market value decline of -4.68%, reaching $1.53 trillion.
(
Bitcoin falls below $40,000 this morning, is it due to FTX dumping GBTC?
)
Advertisement – Continue scrolling for the rest of the article
BTC/USDT|1H
Is Mt.GOX also a potential pressure?
Despite extensive discussions about GBTC in the market, some analysts believe that the outflows from GBTC offset the inflows from other Bitcoin spot ETFs.
Other potential reasons for the decline include:
Ethereum Foundation
Exchanging 700 ETH for DAI at an average price of $2,406.
Not only GBTC,
Mt.GOX
is also a potential pressure.
(
Continuous selling pressure from GBTC, Bitcoin’s decline may not turn around until late March
)
$SATS has the highest decline
According to CoinMarketCap, the top 24 cryptocurrencies with the highest decline in market capitalization are:
SATS (1000SATS): -13.2%
OKB (OKB): -13.2%
Optimism (OP): 10.5%
ORDI (ORDI): -11.4%
NEAR Protocol (NEAR): -10.52%
Arkham, an on-chain tracking institution, pointed out that over $100 million worth of long positions were liquidated within an hour.
Earlier reports indicated significant volatility in OKX exchange’s platform coin, with a decline of up to 50%.
(
OKB plummets over 50%, investigation into Xu Mingxing of OKX and entry of on-chain whales selling off?
)
bitcoin
BTC
ETH
Bitcoin
Further reading
Ark Invest’s Cathie Wood: Even Satoshi Nakamoto cannot control Bitcoin
ETF inventor withdraws! Vanguard exits Bitcoin futures, solidifying its position against “cryptocurrency-less” investments.
