Bitcoin Drops Below $28,000, Over $220 Million Liquidated In The Last 24 Hours

Key Points:

• Bitcoins value falls below $28,000, with a 4% drop in 24 hours.

• $31.33 million in liquidation was reported, with BTC leading at $21.08 million.

• Market uncertainty grows as the SEC delays decisions on Bitcoin ETFs; the broader market follows suit with declines.

The value of Bitcoin (BTC), the largest cryptocurrency, has slipped beneath the $28,000 mark, hitting a current trading price of $27,928, signifying a decrease of over 4% within a 24-hour span.

Recent data from Coinglass has revealed substantial liquidation activity across the market in the last hour, totaling $31.33 million.

Among these, BTC‘s liquidation amounted to approximately $21.08 million, while Ethereum’s liquidation stood at around $3.75 million. Notably, Binance and OKX exchanges contributed nearly 50% of these liquidation figures, with Bitmex accounting for almost 18%.

Source: CoinGlass

This occurrence marks the first instance in nearly two months that Bitcoin has registered a value below $28,000. Interestingly, throughout July, Bitcoin remained relatively stable, but todays sharp decline has piqued attention.

BTC price chart. Source: TradingView

Analysts are attributing this sell-off to the deliberation process of the U.S. Securities and Exchange Commission (SEC), the key regulator for Wall Street.

The SEC‘s review of several high-profile Bitcoin ETF applications is believed to have contributed to the market’s uncertainty. There is a prevailing belief that the SEC could potentially approve one of these applications in the near future.

However, Bitcoin isnt the only cryptocurrency experiencing a slump. Other top contenders, such as Ethereum, Binance Coin, and Solana, have all witnessed considerable declines today, indicating a broader market downturn.

Investors and enthusiasts are keeping a close watch on Bitcoin‘s movement as it navigates this challenging phase. The market’s reaction to regulatory decisions and global trends remains pivotal in determining its trajectory in the coming days.