- Bitcoin’s price came close to hitting $70,000 on Sunday but failed to reach that milestone, instead dropping below $67,000 on Monday morning.
- The price drop resulted in approximately $123 million worth of long positions being liquidated across all cryptocurrencies over the past 24 hours, with nearly $47 million from Bitcoin positions alone.
- The price surge last week was attributed to inflows into Bitcoin exchange-traded funds (ETFs), particularly from American investors optimistic about a potential Donald Trump presidency as he is seen as pro-crypto.
Bitcoin’s price was fast closing in on $70,000 per coin on Sunday but whiffed on the potential feat. Instead, it started falling and dipped below the $67,000 mark late Monday morning, and derivatives traders are getting smashed as a result.
Bitcoin Price Action
The biggest digital asset by market cap is now trading hands for $67,300 after dropping almost 2% over the past day.
Bitcoin‘s drop means futures traders who had gone long, or bet on its price to go up, have lost money. Over the past 24 hours, approximately $123 million in long positions have been liquidated across all cryptocurrencies, CoinGlass data shows.
Of that figure, nearly $47 million were Bitcoin positions. Total crypto liquidations over the last 24 hours now stand at $200 million, including short positions, with Ethereum edging out Bitcoin by less than $1 million in total.
The cryptocurrency started shooting up last week as Bitcoin exchange-traded funds (ETFs), primarily those in the United States, starting seeing surging investment. Last week was the best week for the investment vehicles since July, European asset manager CoinShares said in a Monday report, with over $2.2 billion worth of inflows.
Market Sentiment
Bitcoin bulls are targeting $72,000, say analysts. As the 2024 US presidential election approaches, the Bitcoin price is still exhibiting upward momentum Monday morning during European trading hours. In fact, BTC briefly touched a high of $69,227 earlier today.
The apex cryptocurrency is currently trading at $68,270, down 0.2% over the last 24 hours, according to data from CoinGecko. Meanwhile, Ethereum (ETH) has also seen positive movement, trading at $2,713, up 2.5% during the same period.
Experts are attributing the market’s bullish sentiment to increasing confidence that Donald Trump will win the US presidency again. American investors feel more bullish that a Trump presidency is likely, analysts have said. The former President and real estate mogul is taking another shot at the White House, and is fiercely pro-crypto.
The Democratic candidate, Kamala Harris, has been much slower to embrace the space.
Ethereum Price Action
Elsewhere, Ethereum’s price is down about 1% over a 24-hour period at a current price of $2,670. Over the last week though, it has climbed by nearly 2%.
A Monday report from CoinShares said that investors still pumped money into funds giving exposure to the second-biggest coin last week, even though Ethereum ETFs haven’t seen nearly as enthusiastic of an embrace as their Bitcoin counterparts.
Conclusion
The cryptocurrency markets saw a bullish week last week thanks to surging inflows into Bitcoin and Ethereum investment products. While prices have dipped from their highs over the past day, the overall sentiment remains positive, especially among American investors feeling confident about a Trump re-election in 2024.
