Bitcoin experienced a sharp decline of over 7% in the past 24 hours, resulting in $256 million in losses for traders with long positions.
Analysts consider this drop as normal for Bitcoin’s volatility, despite geopolitical tensions in the Middle East. Traders anticipate further downside, with approximately $1.05 billion in short positions at risk if Bitcoin returns to its previous day’s price.
The cryptocurrency market as a whole saw widespread liquidations totaling $945.9 million from over 250,000 traders. The fear and greed index for crypto markets decreased slightly to 72, indicating a level of greed.
Additionally, demand from Bitcoin whales has surpassed the market’s supply, suggesting increasing scarcity post-Bitcoin halving.
Source: Cointelegraph
