Bitcoin Price Crash Could Trigger $15 Billion Liquidation on Binance

The past day has been wild for the crypto market. A whopping $230.18 million worth of assets got liquidated, leaving 74,741 traders feeling the heat. The big players? BTC, ETH, and SOL. Binance led the charge, with $90.72 million in liquidations, closely followed by OKX and Bybit at $84.81 million and $25.91 million, respectively. The biggest single liquidation hit $5.40 million.

Is this just a hiccup, or are we heading for a big crash? Let’s dig into the crypto market and see what’s up.

A Market in Turmoil

Cryptocurrency expert Ali Martinez gave a serious warning about massive liquidations on Binance, triggered by Bitcoin possibly dropping to $50,500. In the last day, $89 million got liquidated, with $66.39 million from long positions and $22.61 million from short ones. These numbers show how risky trading can be, whether you’re betting on the market going up or down.

Martinez painted a grim picture, saying Bitcoin might fall between $56,200 and $51,600 if it breaks the support level. But there’s hope if it stays above $72,400, with possible targets of $79,000 and $86,000.

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Let’s Look at the Big Picture

As the halving draws near, people are worried about Bitcoin’s price drop. Research firm 10x Research warned about a possible big drop in prices for risky assets, blaming things like inflation and tensions in the Middle East. These issues affect not just cryptocurrencies but also regular assets like stocks.

But there’s good news too. The recent approval of Bitcoin and Ethereum ETFs in Hong Kong has brought new hope. Bloomberg Senior ETF analyst Eric Balchunas predicts these ETFs could attract $1 billion in investments within two years, showing big investors are interested in crypto.

Read More: Bitcoin Halving 2024: How Will It Impact Your Bitcoin ETFs? 

A Glimpse Ahead

But what about all the ups and downs? Some big names in the industry see it as part of the game. Venture capitalist Tim Draper predicts Bitcoin will hit $250,000 by the end of 2024, showing he’s still confident in its growth. Going even further, crypto expert Willy Woo thinks Bitcoin could reach $650,000 at its peak and $91,000 at its lowest.

Despite the recent chaos, Bitcoin is holding steady at $61,371, with a 38.94% increase so far this year. This shows that people are still interested in cryptocurrency, no matter what happens.

As the world of digital money keeps changing, one thing’s for sure: expect the unexpected.