December 9, 2023

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Bitcoin price fell by over 18%: 27.8 billion dollar were wiped out in ashes

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Bitcoin price fell by over 18%: 27.8 billion dollar were wiped out in ashes


Bitcoin price fell by over 18%: 27.8 billion dollar were wiped out in ashes.  400,000 people burst their warehouses, 27.8 billion dollar were wiped out in ashes


On Monday, Bitcoin once rose to 52,000 US dollars, setting a new high since May.


However, the price plunged quickly. On Tuesday, it plunged by as much as 16%. The transaction price before the deadline was only 46,000 US dollars, a drop of 11%. Within 24 hours, the price shrank by as much as 18%, reaching a bottom of 43,000 US dollars.


At the same time, Ethereum also fell by 12%, while MicroStrategy and Coinbase stocks related to encrypted digital currencies fell by 9% and 4%, respectively.


In fact, earlier this Tuesday, El Salvador’s new bill came into effect. Bitcoin officially became the country’s legal tender, allowing market circulation transactions, including direct use in entities and online. The official recommended wallet APP is Chivo, and you can send it as soon as you open an account. 30 dollars in bitcoin.


It seems that as a small country in Central America, its active acceptance of Bitcoin has not caused ripples in the market.


Before the deadline, it is said that El Salvador has purchased 550 bitcoins, valued at more than $26 million. The country has also set up a $140 million fund to help users convert their funds into Bitcoin.


Monitoring data from Bitcoin Homes shows that in the past 24 hours, a total of nearly 400,000 people have liquidated their positions, with funds amounting to 4.3 billion U.S. dollars (approximately 27.8 billion U.S. dollars), of which Bitcoin reached 1.629 billion U.S. dollars (approximately 30,000 Bitcoins).


It is understood that the so-called liquidation refers to the fact that when the market changes too fast, the margin on the account is not enough to maintain the original contract when investors have not had time to make a margin call. This is caused by forced liquidation due to insufficient margin. The margin “returned to zero”, commonly known as “explosive position”.


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