The cryptocurrency market is bracing for a potential storm as Bitcoin‘s (CRYPTO: BTC) price hovers around $50,500. A leading analyst has warned that if the price falls to this level, it could trigger over $15 billion in liquidations on Binance (BNB).
What Happened: Cryptocurrency analyst Ali Martinez took to social media platform X to alert the community about the potential for massive liquidations on Binance.
“#Bitcoin dropping to $50,500 will trigger over $15 billion in liquidations on #Binance alone!” Martinez wrote.
Bitcoin Liquidation Update: In the past 24 hours, total liquidations reach $89 million, with long positions at $66.39 million and short positions at $22.61 million. Over the last 4 hours, liquidations amount to $4.44 million, comprising long positions of $1.60 million and short positions of $2.88 million, based on data from Coinglass.
See Also: Here’s How Much Bitcoin You Need To Become a Millionaire, According To Michael Saylor
Why It Matters: The recent drop in Bitcoin’s price has sparked concerns across the cryptocurrency market. Research firm 10x Research recently warned of a potential significant price correction for risk assets, including stocks and crypto, with inflation being the main trigger.
On the other hand, the approval of Bitcoin and Ethereum ETFs in Hong Kong has led to optimistic predictions for the market’s growth. Bloomberg Senior ETF analyst Eric Balchunas has revised his initial inflow predictions for these ETFs, estimating they will reach $1 billion within two years.
Despite the recent price drop, some industry leaders remain optimistic about Bitcoin’s future. Venture capitalist Tim Draper predicted a $250,000 BTC price by the end of 2024 at the close of 2023. With nearly one-third of 2024 gone, his prediction may not seem as unlikely anymore.
Price Action: Bitcoin’s current price stands at $61,371, reflecting a modest 0.17% increase over the past 24 hours. Year to date, it boasts a remarkable surge of 38.94%, according to the data from Benzinga Pro.
Read Next: Crypto Markets Tumble Following Iran’s Drone Attack Against Israel, Investor Warns Of Continued Selloff
Image Via Shutterstock
Engineered by Benzinga Neuro, Edited by Kaustubh Bagalkote
The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. Learn more.
