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Bitcoin's Price Dip Triggered $319 Million in Liquidations
Last Updated: April 15, 2024
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Key Takeaways
- Bitcoin's price fell over 7% within 24 hours leading up to April 14, causing liquidations from both long and short positions;
- Analyst Benjamin Cowan labeled the price drop as normal, consistent with previous corrections of this cycle;
- Despite short-term market uncertainties, long-term analyses remain positive about Bitcoin's prospects.
Bitcoin's (BTC) price fell by over 7% within 24 hours leading up to April 14, resulting in trader losses, with over $256 million liquidated from long positions and over $62 million from short positions.
The cryptocurrency's value dropped to a low of $60,919 before it recovered to $62,060. By the time of writing, the price has risen to $66,146.
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On April 13, analyst Benjamin Cowan reassured investors through a post on X, describing the drop as "normal" for the current market cycle, which has seen several corrections of 20-22%.
Echoing this sentiment, MicroStrategy CEO Michael Saylor highlighted that chaotic market dynamics are actually beneficial for BTC.
Rekt Capital, a pseudonymous crypto trader and analyst, provided further insight, suggesting that despite Bitcoin will retrace enough to raise doubts about the continuation of the bull market, the crypto's long-term uptrend remains intact.
Industry analysts and leaders interpret the pullback as a natural phase of Bitcoin's journey, likely to precede further gains as investor interest continues to grow.
In other BTC-related news, Bitcoin Ordinals have achieved a new record, surpassing 65 million inscriptions.
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