Amount of Bitcoin liquidation highest for single day since June 2022 market upheaval
, the biggest cryptocurrency by market capitalization, fell from nearly $29,000 to as low as $25,234 in 24 hours before recovering marginally in early Friday trading. According to Coinglass data, more than $1 billion in positions were liquidated during the sell-off.
The amount of Bitcoin liquidation was the highest for a single day since the June 2022 market upheaval. The Wall Street Journal reported, citing documents, that Elon Musk's SpaceX has sold off its Bitcoin assets after writing down $373 million. The journal report does not specify when SpaceX sold its Bitcoin, so this remains speculation.gives a likely reason for Bitcoin's drop. Santiment observes that Bitcoin whale transactions rose to their highest in over a month, and this trend started well before the big drop.
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