Bitcoin sees sharp drop of $46,000

September 20, 2021 | 1 minutes read

Bitcoin slips below $46,000 today after the sharp rise in the selling pressure.

Bitcoin the world’s largest cryptocurrency had a sharp dip below $46,000 today because of the increase in the selling pressure reported by Finance Magnets. As a result of this latest dip, the long BTC trading position also took a strong hit. The digital currency has lost nearly 5% of its value since yesterday.

Bybt.com, the leading crypto analytics platform reports that in the last 24 hours over $560 million worth of long crypto trading positions were liquidated 

With Bitcoin, other cryptocurrency assets like XRP, Solana (SOL), Dogecoin (DOGE), and Polkadot (DOT)  also witnessed massive liquidations in the last 24 hours. And more than 136,000 crypto trading positions were liquidated during the mentioned period. The single largest liquidation was related to Bitcoin, which took place on Bybit.com. The total worth of the highlighted order was $7.17 million.

The uncertainty in the cryptomarket can be related to the speculations that the U.S. government may declare stablecoins as a risk to the financial system

Previously the legalization of Bitcoin by El Salvador pushed the country into deep chaos as the digital currency crashed to its lowest falling from $52,000 to under $43,000.