The cryptocurrency market is on edge as Bitcoin's price lingers around $50,500, with concerns rising about significant liquidations that could amount to over $15 billion on Binance if the price dips to that level. Cryptocurrency analyst Ali Martinez raised the alarm on social media, highlighting the potential impact of such liquidations on the market.
In the past 24 hours, the cryptocurrency market witnessed total liquidations of $89 million, split between long positions at $66.39 million and short positions at $22.61 million. Recent data from Coinglass reveals that over the last 4 hours, liquidations totaled $4.44 million, with long positions accounting for $1.60 million and short positions for $2.88 million. This data underscores the current volatility in the market and the potential risks associated with sudden price movements.
Despite the concerns surrounding Bitcoin's price drop and the looming threat of significant liquidations, there are contrasting views within the industry. Some experts, like venture capitalist Tim Draper, remain optimistic about Bitcoin's future, making predictions of a $250,000 BTC price by the end of 2024. Additionally, the recent approval of Bitcoin and Ethereum ETFs in Hong Kong has sparked positive forecasts for market growth, with expectations of reaching $1 billion in inflows within two years, according to Bloomberg Senior ETF analyst Eric Balchunas.