#BitcoinPriceDrop #CryptoNews #Grayscale #BitcoinCorrection #CryptoMarket #BTC #Ethereum #CryptoTrading
Bitcoin, the leading cryptocurrency, saw a slump in its price, reaching a seven-week low of $39,500 during Tuesday’s Asian trading session. This 3% daily drop is part of an 18.5% reduction from its January 10 high of $48,500. Analysts are suggesting that the downward correction could go as far as 30%, bringing Bitcoin prices down to around $34,000.
On January 23, CoinGlass, an on-chain analytics platform, indicated a significant liquidation spot at the $34,000 level. Additionally, CoinGlass reported around $225 million in liquidations over the past 24 hours, mostly from long positions for Bitcoin and Ethereum. Grayscale, a prominent player in the cryptocurrency market, continued its selling, causing substantial impact. In contrast, approximately 27,717 BTC, worth approximately $1.1 billion at current prices, was purchased by fund issuers since the spot ETFs launched, despite outflows from Grayscale’s Bitcoin Trust (GBTC).
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