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Hot right now:

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Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Coinbase sell pressure increases as Bitcoin dips below $61k, over $100 million liquidated

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Quick Take

On June 24, Bitcoin experienced a significant downturn, dropping approximately 3% to just below $60,600, marking its lowest price since May 10.

BTCUSD: (Source: TradingView)
BTCUSD: (Source: TradingView)

This decline has been accompanied by substantial liquidations in the digital assets market. Coinglass data reveals that in the past 24 hours, $280 million of positions were liquidated, with $260 million being long positions.

In the past hour alone, the market saw over $107 million in liquidations, with $103 million attributed to long positions. Bitcoin saw roughly half of these liquidations, with approximately $50 million liquidated, primarily from long positions, according to data from Coinglass.

Liquidation Heatmap: (Source: Coinglass)
Liquidation Heatmap: (Source: Coinglass)

According to Glassnode data, there has been nearly $15 million in spot sell pressure on a 10-minute resolution from Coinbase, the largest since June 11. This pattern suggests that a significant portion of the selling pressure originates from Coinbase each time Bitcoin dips. This recurring trend indicates that large-scale sell-offs on this platform may be a critical factor driving Bitcoin’s recent price drops.

Spot Cumulative Volume Delta - Coinbase: (Source: Glassnode)
Spot Cumulative Volume Delta – Coinbase: (Source: Glassnode)

The post Coinbase sell pressure increases as Bitcoin dips below $61k, over $100 million liquidated appeared first on CryptoSlate.

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