Bitcoin (BTC) dipped below the $30,000 mark as the total crypto liquidations reached almost $98 million in the past 24 hours. The fall in BTC price comes a day after the largest cryptocurrency hit a 10-month high.
Bitcoin is down by 0.2% in the past 24 hours. It was trading at around $29,990 in the morning but then recovered to $30,000. Moreover, the asset dropped to around $29,860 at 03:00 UTC, per crypto.news data.
While the bitcoin price fell below the crucial mark of $30,000, its number of spent outputs rose to above 625, marking a one-month high, per Glassnode data. In another tweet, the data provider shows that the number of BTC withdrawals from the exchanges has hit a one-month low of roughly 2,356.
Furthermore, Coinglass data shows that the total crypto liquidations are down by 43.4% from yesterday’s $171 million. Of this tally, BTC liquidations account for only $942,000 at the time of writing.
Per Coinglass, the total liquidations on exchanges have hit $98.25 million in the past 24 hours — $68.42 million in longs and $29.83 million in short trades — which might be one of the reasons behind the recent bull run.
On the other hand, the total crypto market cap dropped from its local top of $1.244 trillion on April 11 to $1.222 trillion at the time of writing, according to CoinMarketCap (CMC) data.