GBTC - Bitcoin Plummets To $61K $260M In Longs Liquidated | Benzinga
Bitcoin (CRYPTO: BTC) has plummeted below $61,000 in early Monday morning trading, continuing its downtrend from last week.
What Happened: Bitcoin is down 5% over the past 24 hours, barely hanging on to $61,000 at the time of writing. The latest spike down has liquidated $260 million in long positions over the past 24 hours, with almost $100 million in Bitcoin trades.
Current Market Pressures
According to QCP Capital, Miners are currently under significant pressure to sell due to higher breakeven prices following the recent halving.
Consequently, miner BTC holdings have plummeted to their lowest levels in 14 years, with reserves dropping by 50,000 BTC since the start of the year.
Adding to the market's unease, the German government has reportedly sold around 3,000 BTC recently, with ...