On November 8, Bitcoin recorded a major liquidation that was worth around $200 million. The particular liquidation observed was for the long positions of Bitcoin.
BTC Priced Tumbled to 2-Year Low
As the price of BTC fell, a major liquidation could be observed. As a result of the liquidation, the trading price of BTC continued crashing, which ended up pulling its value to a two-year low.
The major crash recorded in BTC’s price was due to the great negative impact of the FTX exchange. The FTX exchange ended up facing somewhat of a similar situation as the Terra Network.
The FTX exchange debacle ended up in carnage for the entire cryptocurrency industry. Due to the FTX exchange matter, the mood of the entire cryptocurrency industry was off.
This led to huge dips in the trading prices of all major and minor cryptocurrencies. The plunge was recorded throughout the cryptocurrency industry and the price charts were left in red.
BTC Price Dipped Twice
Although the price of Bitcoin had finally crossed the $21k barrier and was on the right path to hitting $22k, things ended up going south.
This happened as the FTX exchange’s balance sheet was leaked that showing that the exchange was not being honest in terms of the holdings of the investors.
This created a panic in the cryptocurrency industry but soon, the panic vanished as it was announced that Binance was acquiring the FTX exchange.
The Binance officials also confirmed that they were in the process of acquiring the troubled FTX exchange. Things started to look good as the price of Bitcoin which had dipped below $20k experienced a rebound.
BTC Fell the $17,120
Unfortunately, as Wall Street opened, the trading price of Bitcoin experienced another major loss. In a matter of two hours of the Wallet Street opening, Bitcoin lost $2k in its value.
In the later trading hours, the price of BTC continued declining and the trading day ended at $17,120. The last time the price of BTC was such a low figure was back in November 2020.
Back in June when BTC experienced its first major 2022 plunge, its price had fallen to $17,600. This time, the barrier has been breached and BTC’s price has broken a two-year low record.
Strong Support was Punctured
According to the analysis, the $18,000 level had been perceived as the strong buying support level for Bitcoin. However, the recent developments ended up puncturing the particular level as well.
Many expect that the trading price of Bitcoin would successfully recover from the two-year lows. It would eventually cross the $18k barrier and would find itself consolidated for now at $18,400.
According to figures from on-chain data analytics firms, Bitcoin’s long position liquidations across the board were over $214 million. As for the altcoins, the long position liquidations were over $670 million.