{"id":2079,"date":"2024-11-03T23:01:43","date_gmt":"2024-11-03T23:01:43","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=2079"},"modified":"2024-11-03T23:01:43","modified_gmt":"2024-11-03T23:01:43","slug":"bitcoins-dip-below-69000-triggers-over-200-million-in-liquidations-details","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=2079","title":{"rendered":"Bitcoin\u2019s Dip Below $69,000 Triggers Over $200 Million In Liquidations \u2013 Details"},"content":{"rendered":"
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Bitcoin (BTC) crashed below $69,000 on Sunday resulting in significant levels of market liquidations. Interestingly, analysts have also noted a correlation of this decline with a decrease in the winning odds of US Republican presidential candidate Donald Trump ahead of the general elections on November 5.\n<\/p>\n

Bitcoin Price Fall Induces $232.6 Million In Liquidations<\/strong><\/h2>\n

In the last few days, Bitcoin has witnessed some significant price re-correction following a prolonged price rally in October during which it gained by 20%<\/a>. The price of the premier cryptocurrency initially dropped from above $73,000 on Friday finding support around the $69,000 region<\/a>.<\/p>\n

Following a a brief period of sideways movement, BTC experienced another significant decline on Sunday reaching a local bottom of $67,960. Amidst this price drop, crypto analyst Ali Martinez noted that the 104,787 trading positions were liquidated resulting in a loss of $232.6 million.<\/p>\n

Data shared by Martinez<\/a> showed that long traders accounted for majority of these figures with $198.6 million in liquidations while only $34 million in short positions were closed. This development means that more traders had anticipated a rebound by the crypto market leader following its initial price pullback on Friday.<\/p>\n

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\"Bitcoin\"<\/p>\n

At the time of writing, Bitcoin has retraced to above $68,000 with little indication of its next price movement. If its current downtrend persists, the premier cryptocurrency could fall as low as $55,000 in line with a range-bound movement that has lasted over the past eight months.\u00a0<\/p>\n

Alternatively, Bitcoin could undergo a price recovery returning to levels within its all-time high at $73,750 value as bullish sentiments remain on the high amidst heightened ETF inflows, a fast-approaching US election, and an anticipated Fed rate cut of 25 basis points.<\/a>\n<\/p>\n

Is A Potential Trump Loss A Threat To Bitcoin?<\/strong><\/h2>\n

So far, Bitcoin\u2019s decline on Sunday has found a correlation with a decrease in the winning probability of US presidential candidate and crypto activist Donald Trump. According to data from Polymarket<\/a>, Trump\u2019s chances of emerging victorious in the presidential elections on November 5 dropped by 4.3% after his opponent Democrat candidate and US Vice President Kamala Harris became the favorite to win in Pennsylvania.<\/p>\n

Although the pro-crypto Donald Trump remains the forerunner to emerge president with a 53.8%\u00a0 to Harris\u2019s 46.1%, recent price reactions by Bitcoin have shown a potential loss by the Republican could exert a significant price decline for the crypto market leader. Albeit, historical price data indicates<\/a> that such a downturn would likely be temporary as Bitcoin has consistently embarked on a bullish trajectory following the US elections regardless of the result.<\/p>\n

At the time of writing, BTC now trades at $68,471 reflecting a price loss of 1.38% in the past 24 hours. Meanwhile, the asset\u2019s daily trading volume is down by 40.54% and valued at $24.40 billion.<\/p>\n

\"Bitcoin\"<\/div>\n","protected":false},"excerpt":{"rendered":"

Bitcoin (BTC) crashed below $69,000 on Sunday resulting in significant levels of market liquidations. Interestingly, analysts have also noted a correlation of this decline with a decrease in the winning odds of US Republican presidential candidate Donald Trump ahead of the general elections on November 5. Bitcoin Price Fall Induces $232.6 Million In Liquidations In […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-2079","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/2079","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2079"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/2079\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2079"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2079"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2079"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}