Bitcoin Drops Below $28,000, Over $220 Million Liquidated In The Last 24 Hours

Key Points:

• Bitcoin’s value falls below $28,000, with a 4% drop in 24 hours.
• $31.33 million in liquidation was reported, with BTC leading at $21.08 million.
• Market uncertainty grows as the SEC delays decisions on Bitcoin ETFs; the broader market follows suit with declines.

The value of Bitcoin (BTC), the largest cryptocurrency, has slipped beneath the $28,000 mark, hitting a current trading price of $27,928, signifying a decrease of over 4% within a 24-hour span.

Recent data from Coinglass has revealed substantial liquidation activity across the market in the last hour, totaling $31.33 million.

Among these, BTC’s liquidation amounted to approximately $21.08 million, while Ethereum’s liquidation stood at around $3.75 million. Notably, Binance and OKX exchanges contributed nearly 50% of these liquidation figures, with Bitmex accounting for almost 18%.

This occurrence marks the first instance in nearly two months that Bitcoin has registered a value below $28,000. Interestingly, throughout July, Bitcoin remained relatively stable, but today’s sharp decline has piqued attention.

Analysts are attributing this sell-off to the deliberation process of the U.S. Securities and Exchange Commission (SEC), the key regulator for Wall Street.

The SEC’s review of several high-profile Bitcoin ETF applications is believed to have contributed to the market’s uncertainty. There is a prevailing belief that the SEC could potentially approve one of these applications in the near future.

However, Bitcoin isn’t the only cryptocurrency experiencing a slump. Other top contenders, such as Ethereum, Binance Coin, and Solana, have all witnessed considerable declines today, indicating a broader market downturn.

Investors and enthusiasts are keeping a close watch on Bitcoin’s movement as it navigates this challenging phase. The market’s reaction to regulatory decisions and global trends remains pivotal in determining its trajectory in the coming days.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.