Bitcoin Price Drops Below $60,000 – What’s Driving the Decline? Here’s the Latest Data

The world’s largest cryptocurrency, Bitcoin, suddenly fell below $ 60,000 after a long period today.

At the time of writing, BTC is trading at around $59,437.

Why Did Bitcoin Price Drop?

The move below the psychological threshold of $60,000 was actually a combination of multiple factors. The biggest factor was today’s higher-than-expected inflation data in the US. Higher-than-expected inflation could disrupt the FED’s rate cut cycle or result in a smaller rate cut.

In addition, the SEC’s lawsuit against Cumberland, a well-known cryptocurrency company, accusing it of selling unregistered securities, also contributed to the decline. Yesterday, the US legal barrier to selling BTC seized from Silk Road was removed.

What are the Liquidation Data?

With the effect of the approximately 2% drop in Bitcoin in the last hour, a liquidation wave of $50 million was observed. $49 million of these were in long positions. On the other hand, the amount of liquidation in the last 24 hours reached a huge amount of $231 million. $203 million of these were in long positions.

The highest liquidation in the last 24 hours was in Bitcoin with $72 million.

*This is not investment advice.