Bitcoin Falls 7.5% As Crypto Market Suffers $1 Billion In Liquidations

Bitcoin fell 7.5% to $26,450 as Bitcoin and the crypto market suffered $1 Billion in liquidations in the largest one day crypto fall since the Sillicon Valley Bank collapse.

According to released data, this was the largest Bitcoin liquidations since June 2022 where at the time, Bitcoin fell to a low of $17,000.

Some $821 Million of long positions-traders who bet on price rises - were wiped out during the rush to exit. Bitcoin (BTC) traders took the brunt of the losses enduring $472 million of long liquidations followed by Ethereum (Eth) with $302 million.

The liquidations occurred amid market jitters, falling foreign currencies, looming further interest rate rises and bond yields rising to multi year highs.

But what happens next for Bitcoin and crypto?

With the US fed and global governments continuing to press ahead raising interest rates and with talk of a global recession and potential market crash in the horizon, then the remainder of 2023 could well be volatile for Bitcoin and the crypto market as a whole.

But that doesn't mean that it is all doom and gloom for crypto and Bitcoin.

Seeing that Bitcoin and other crypto coins are trading at their lowest levels since the start of the year, now is a great time to start buying Bitcoin and crypto (not financial advice!)

With the Crypto bull run expected next year after Bitcoins havening which is expected to happen in April/May 2024, many smart crypto traders and investors are starting to buy and hold Bitcoin and other crypto's as current crypto prices are favourable.

So whilst the falls we saw for Bitcoin and the crypto market as a whole were quite large, the future for Bitcoin and crypto certainly looks bright.

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