The overall liquidation of cryptocurrency market over the past day totaled $939 million. This time, the non-Bitcoin altcoins were the ones that were forced to close down, and they were the ones that suffered more than BTC. The price of the world’s largest cryptocurrency, experienced a sudden decline today and the price fell below $66,00, however, Whales took this opportunity to buy the dip.
BTC and Altcoin Traders Lose Millions in Market Plunge
The drop in the price of Bitcoin (BTC) below $66,000 has cost traders $930 million by now. BTC traders gave up a total of more than 184 million dollars. The participants of the market who were long on Ethereum (ETH) also had to bear a loss, which was $139.07 million as the second largest cryptocurrency by capitalization which is ETH witnessed a big drop.
The leaders in the liquidations among altcoins just like SOL, DOGE and many other famous coins were also among the liquidators. More than 90% of the liquidations are concentrated on OKX, Bybit, Binance and Huobi. The biggest of the day was done by OKX – the exchange filled the ETHUSD order for $7.19 million.
What’s happening to the price of Bitcoin (BTC)?
Bitcoin’s price, which had been above $66,000 earlier today, dropped below that level. A contributing factor in the panic selling was the escalating conflict in the Middle East. In addition, investors continue to withdraw funds from spot ETFs: net outflows equaled about $55 million during the last 24 hours.
At the time of writing, BTC has recovered from the low point, with the asset trading around $67,679.
Bitcoin Whales took this opportunity to buy the dip
The announcement of the U.S. CPI (Consumer Price Index) data sparked a massive fall of the crypto market. Bitcoin (BTC) suffered a big decline because investors did not expect the CPI report for March to be 3.5%, but the report was 3.4%, thus the inflation is on the rise.
BTC price, which was at $71,500 at the time of the news, dropped below $66,00. With the prices dropping, whales took the advantage to buy more BTC and added them to their portfolio as indicated by the MI Algos report. One can observe that a lot of these whales consider Bitcoin a perfect crypto to buy due to the upcoming halving event. Today, Bitcoin showed a comeback and the price again got above $67,000. In the light of the Bitcoin halving which is going to take place in the week ahead, it is likely that the price of the number one crypto will continue to grow. The price target for Bitcoin is expected to be $100,000 after the halving.
