Bitcoin recorded $93,848, down 4.07% from the same time the previous day. This was due to a large-scale liquidation of "long (buying) positions" in the futures market and the liquidation of long-term holders.
The reason for the decline is said to be the large amount of selling by the Bitcoin investors. First, the price of Bitcoin fell, and a large amount of "long positions" that had predicted a price rise were liquidated.
Bitcoin prices continued to fall. It is estimated that over $500 million in futures positions were liquidated in the past 24 hours.
Cryptocurrency data analytics firm Glassnode also pointed to selling by long-term holders as another reason for the decline.
Glassnode found that "Bitcoin was primarily sold by people who held it for 6 to 12 months and paid an average purchase price of less than $57,900.
" he revealed.
2024/11/26 11:32 KST
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