Crypto Market Swings Wildly as Bitcoin Breaks $68,000, Liquidations Exceed $300 Million
Crypto Market Swings Wildly as Bitcoin Breaks $68,000, Liquidations Exceed $300 MillionThe cryptocurrency market has witnessed intense battles between bulls and bears over the past 24 hours, resulting in massive price fluctuations. Bitcoin surged past $68,000, reaching its highest point since July 30th
Crypto Market Swings Wildly as Bitcoin Breaks $68,000, Liquidations Exceed $300 Million
The cryptocurrency market has witnessed intense battles between bulls and bears over the past 24 hours, resulting in massive price fluctuations. Bitcoin surged past $68,000, reaching its highest point since July 30th. However, this price rally has also come with significant risks. According to Coinglass data, 93,778 traders were liquidated in the past 24 hours, with total liquidations exceeding $300 million. Among them, $183 million were long positions, while $121 million were short positions.
As the cryptocurrency market gains momentum, US-listed crypto stocks have also surged. In pre-market trading, CleanSpark jumped nearly 5%, MARA rose over 4%, and MicroStrategy and Coinbase climbed more than 3%.
On the news front, Bitcoin has performed well amid the resurgence of the "Trump Trade," fueled by Trump's recent public support for Bitcoin. Moreover, Larry Fink, CEO of the world's largest asset manager BlackRock, stated that the future of virtual currencies, including Bitcoin, will remain unaffected by the upcoming US presidential elections.
In late evening news on October 16th, BlackRock officially updated the holdings data for its spot Bitcoin exchange-traded fund iSharesBitcoinTrustETF (IBIT). As of October 15th, IBIT held over 375,000 BTC, with a total value of over $25 billion, reaching $25.064 billion.
However, some news has also sparked concerns. According to reports, Tesla, a company owned by Elon Musk, has transferred $765 million worth of Bitcoin holdings to an unknown wallet. Tesla is the fourth-largest Bitcoin holder among US-listed companies. Market participants believe that this move increases the possibility of Tesla selling Bitcoin.
The cryptocurrency market is highly volatile, and investors need to exercise caution, manage risks, and act accordingly.
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