"News Updates June 08, 2024"

Bitcoin Price Plummeted – Below $69,000! What Caused the Decline? Here is the Liquidation Data<\/p>\n

The cryptocurrency market is talking about the sudden decline in all tokens led by Bitcoin. So what is the reason for the decline?<\/p>\n

With the sudden decline, the Bitcoin (BTC) price lost 3% of its value within minutes and fell to $ 68,500 at its bottom.<\/p>\n

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It is estimated that the reason for the decline was the live organized by RoaringKitty, the most well-known influencer of GameStop shares. The live broadcast in question is followed by approximately half a million people and is also broadcast live on economic giant channels such as CNBC.<\/p>\n

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During RoaringKitty's live broadcast, GameStop shares fell sharply, bringing the influencer's total stake to $235 million. The shares in question can be considered equivalent to memecoins in the cryptocurrency industry.<\/p>\n

In addition, the data shows that there has been a heavy liquidation of approximately 300 million dollars in the cryptocurrency market in the last hour. $285 million of the liquidations are in long positions and the rest are in short positions. However, it is noteworthy that a significant portion of the liquidations are in other altcoins such as Bitcoin, Ethereum, Dogecoin, Solana.<\/p>\n

It is thought that most liquidations occurred in low market value memecoins.<\/p>\n

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The liquidation amount in Bitcoin is limited to 44 million dollars.<\/p>"