Bitcoin price drops after failing to reach 70000 leaving bulls behind

News from Coin World:
The speed of its decline is just as fast as its rise.
Bitcoin Price
On Sunday, the price of each coin quickly approached $70,000, but this potential feat was scoffed at. Instead, it started to fall and broke through the $67,000 mark on Monday morning, leaving derivatives traders devastated.
The largest digital asset
By market capitalization, the current trading price is $67,300 after a nearly 2% decline in the past day.
The decline in Bitcoin means that futures traders who were long or betting on its price increase have suffered losses. According to CoinGlass data, long positions for all cryptocurrencies were liquidated by approximately $123 million in the past 24 hours.
Among them, nearly $47 million were Bitcoin positions. The total amount of cryptocurrency liquidations in the past 24 hours has now reached $200 million, including short positions, with Ethereum falling just shy of $1 million compared to Bitcoin.
Cryptocurrencies began to surge last week as Bitcoin exchange-traded funds (ETFs), mainly in the United States, started to see increased investments. In a report on Monday, European asset management company CoinShares stated that last week was the best-performing week for investment tools since July, with over $2.2 billion in funds flowing in.
Analysts say that US investors are more optimistic about the possibility of Donald Trump being re-elected president. The former president and real estate tycoon strongly supports cryptocurrencies, while Democratic candidate Kamala Harris is much slower in embracing this field.
Elsewhere,
Ethereum Price
With the current price of $2,670, it has fallen by about 1% in the past 24 hours. However, it has risen by nearly 2% in the past week. CoinShares’ report on Monday
states
that investors continue to pour funds into funds investing in the second largest cryptocurrency, even though Ethereum ETFs have not been as warmly welcomed as Bitcoin ETFs.
Editor
Andrew Hayward