On Tuesday, the price of Bitcoin (BTC) fell to an intraday low of $66,696 per unit, marking a 3.3% decrease over the past 24 hours. This decline led to the liquidation of long derivative positions worth $170.25 million, of which $50.87 million were long BTC positions.
Bitcoin Remains Below $67,000
The overall cryptocurrency market has decreased by 3.35% over the past 24 hours, now valued at $2.44 trillion. Bitcoin dropped to $66,696, losing over $2,200 in the last 24 hours after maintaining levels above $69,000 for several days. This drop resulted in the liquidation of 75,247 traders over the past day.
In total, $195.66 million worth of positions in cryptocurrency derivatives were liquidated, with $170.25 million being long positions. Specifically, $50.87 million were long positions in Bitcoin (BTC), $48.95 million in Ethereum (ETH), and $6.5 million in Solana (SOL). On June 11, cryptocurrency firm QCP Capital highlighted several factors affecting the digital asset markets.
Impact of Macroeconomic Factors
QCP noted that unexpected data on weak job growth in the US (NFP) led to a spike in Treasury yields, prompting a reassessment of anticipated rate cuts in July and September. In Europe, President Emmanuel Macron’s call for early elections increased geopolitical uncertainty, weakened the euro against the US dollar, and contributed to a broader cautious sentiment among investors.
Additionally, QCP Capital pointed out that market sentiment remains cautious ahead of the upcoming Consumer Price Index (CPI) data release and the Federal Open Market Committee (FOMC) meeting, where the Dot Plot outlining the Federal Reserve’s projected rate cuts through 2024 will be presented. Moreover, on Monday, a significant withdrawal of $64 million was recorded from Bitcoin Exchange-Traded Funds (ETFs) traded on the spot market.
