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Bitcoin (BTC) fell below $30,000 as total crypto liquidations hit nearly $98 million in the past 24 hours. The fall in BTC price comes a day after the biggest cryptocurrency hit a 10-month high.
Bitcoin is down 0.2% in the past 24 hours. It was trading at around $29,990 in the morning, but then recovered to $30,000. Additionally, the asset fell to around $29,860 as of 03:00 UTC, according to data from crypto.news.
BTC Price Chart – April 12 | Source: crypto.news
As bitcoin’s price fell below the crucial $30,000 mark, its number of outs spent rose to over 625, marking a one-month high, according to data from Glassnode. In another tweet, the data provider shows that the number of BTC withdrawals from exchanges hit a low of around 2,356 in a month.
Additionally, data from Coinglass shows that total crypto liquidations are down 43.4% from $171 million yesterday. On this count, BTC liquidations are only $942,000 at the time of writing.
Total Crypto Liquidations – April 12 | Source: Coinglass
According to Coinglass, the total liquidations on the exchanges reached $98.25 million in the last 24 hours, $68.42 million in long trades and $29.83 million in short trades, which could be the one of the reasons for the recent bull run.
On the other hand, the total crypto market cap has fallen from its local high of $1.244 trillion on April 11 to $1.222 trillion at the time of writing, according to data from CoinMarketCap (CMC).
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