Bitcoin falls below $70,000… Crypto liquidation of $1 billion imminent

The cryptocurrency market has experienced a dramatic decline in the past 24 hours, with nearly $1 billion in liquidations wiping out traders' positions. Cryptocurrency Liquidations Reach Around $1 Billion According to Coinglass, 334,404 traders were liquidated in the past 24 hours, totaling $947.7 million. Long positions took the biggest hit, with $742.2 million in liquidations. Meanwhile, short positions accounted for $205.5 million. This indicates that the market moved in an unfavorable direction for those expecting price increases, leading to greater financial losses. Bitcoin (BTC) saw the largest liquidations, with $317.9 million wiped out, of which $242.1 million came from long positions. Short positions saw $75.8 million in liquidations. Ethereum (ETH) experienced a similar situation, with $248.2 million in liquidations, $196.4 million of which were from long positions. The large-scale cryptocurrency movements of key players have amplified fears of further selling. Mt. Gox Transfers Bitcoins, Ethereum Whales Move Funds According to Arkham Intelligence, the bankrupt exchange Mt. Gox is still distributing assets to creditors and has transferred 11,834 BTC, worth around $931 million, to an unknown address. A few hours later, Mt. Gox's cold wallet transferred another 332 BTC, worth $26 million, to a different address. Additionally, Spot On Chain observed that an Ethereum ICO whale, after a 5-month dormancy, deposited 7,000 ETH, worth $12.9 million, to Kraken during the price decline. The whale still holds 30,070 ETH, worth $54 million, in their wallet. In a separate incident, Longling Capital transferred 21,000 ETH, worth $38.8 million, to Binance. Another whale sold 25,800 ETH, incurring a $31.7 million loss, to prevent further liquidations. The recent volatility was triggered by comments from former U.S. President Donald Trump, who hinted at an impending recession. His remarks caused shockwaves in the financial markets, leading to a stock market crash and the cryptocurrency market bearing the brunt of the fallout. According to the prominent financial newsletter The Kobeissi Letter, the decline has wiped out the rally that followed the U.S. Federal Reserve's announcement, with the cryptocurrency market dropping 35% in just 3 months, from its December 17, 2024 peak of $1.3 trillion. Bitcoin has fallen to $76,600, the lowest level in 4 months, while Ethereum has dropped 8.4% in the past 24 hours, trading at $1,895 at the time of reporting, reflecting a significant decline in value.