The price of Bitcoin is $29,062.89, representing a -4.30% change in the past 24 hours. This has brought Bitcoin’s market capitalization to $562,367,675,282.26. Year-to-date, Bitcoin has experienced a 76.40% change.
On Wednesday, BTC dropped as low as $29,045, while ETH fell below $2,000 for the first time in almost a week. BTC has since been hovering around $29,300, down 3% in the past 24 hours. This was triggered by a massive sell order on Binance and hot inflation data in the U.K.
Despite BTC regaining its position above the $30,000 threshold, it fell below it again and dropped to $29,045, catching traders who were betting on an increase off guard. Most of the BTC liquidated positions were long, according to data from futures and trading platform Coinglass
Please note that this market update is for informational purposes only and should not be taken as financial advice.