Cryptocurrencies are trying to reduce the severe losses they suffered last evening. After Bitcoin reached around $39,370, it was able to consolidate a little and is still approaching the $40,000 level.
Yesterday’s decline in cryptocurrencies came as massive outflows from spot Bitcoin ETFs, led by Grayscale Bitcoin Trust (GBTC), continued to be recorded, in conjunction with the absence of sufficiently encouraging news for the market.
This decline also led to the third largest wave of liquidation of long positions in cryptocurrencies this year, with more than $218 million from the positions that were liquidated yesterday, according to data provided by CoinGlass. While Bitcoin, as usual, had the largest share of these liquidations, with approximately $62 million.
GBTC recorded outflows worth $640 million yesterday alone. The reason for this huge amount is that the bankrupt crypto exchange, FTX, continues to liquidate its assets….
