Over $140m bitcoin long positions liquidated, as BTC trades downward

Long position investors in the bitcoin community liquidated their funds on Monday, as the cryptocurrency market plummeted in the new week after a short-lived stay above $45,000 the previous week.

According to Bitcoin Archive, a BTC tracker, it stated on Tuesday that “$146m Bitcoin long positions were liquidated yesterday.”, it wrote on Twitter, reflecting the dampening mood in the market.

On Sunday, bitcoin asking price closed at $42,207.67, but was down -6.35% to $39,521.90, as at end of trading on Tuesday, wiping off $51.01 billion from the market capitalisation.

Read also: Bitcoin holders make N2.51tr in 2 days as crypto asset’s value rises by 0.68%

Bitcoin has been struggling to maintain its hold above $45,000, but it has been faced with resistance at the price range, as sell pressure continued to throw a spanner in the growth of BTC.

With bitcoin unable to best its All-Time High of $68,990.90 since November 2021, its sending a signal that the cryptoasset’s current value is stuck between a price floor and price ceiling, as it bounces between $40,000 and $45,000 in the last four months.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now