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Bitcoin (BTC), which excited investors by hitting an all-time high last week, experienced a sudden drop on October 27. Bitcoin price has dropped below the $60,000 level and over $500 million has been liquidated.

Bitcoin price experienced a rapid decline

The leading cryptocurrency has dropped below the $60,000 level. Ethereum, on the other hand, fell below $4,000. According to Bybt data, a total of $517.02 million worth of cryptocurrency positions have been liquidated on multiple cryptocurrency exchanges in the past hour. A total of $503.9 million of this consisted of long positions on Binance, Bitfinex, Huobi, Bitmex, FTX and other cryptocurrency exchanges.

Thus, Bitcoin lost almost $2,000 in just a few minutes. Also, funding rates on a variety of crypto exchanges have risen dangerously, and Bitcoin Fear and Greed has fallen from its highest level in more than half a year.

Bitcoin, which fell to $ 58.178 in the last hour, has risen to $ 59. 142 at the time of writing. However, it is still below $60,000. Ethereum, on the other hand, reclaimed the critical level of $4,000 and is changing hands at $4,037. Cryptocoin. com

As we reported , Bitcoin (BTC) reached an all-time high on October 20, rising to $ 67,276.


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Michael Lewis

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