Bitcoin (BTC) was selling below $63,000 per coin because of unrest in other countries and a drop in U.S. politics.
The value of the asset has dropped almost 6% to $62,753. In the last 24 hours, long contracts worth over $316 million have been closed.
This number shows all the coins and tokens that traders bet would go up in value in the future. Long positions worth $123.5 million have been closed out in the last four hours.
Of these, $30.2 million worth of holdings were in Bitcoin. In March, the price of a Bitcoin coin hit an all-time high of $73,737. Since then, it has been hard to get back to that level.
The latest drop might have something to do with politics in the U.S., where crypto bettors have set a new all-time high for Kamala Harris’s chances of becoming president.
David Lawant, who is in charge of research at FalconX, thinks that these factors and the lack of instant positive catalysts are why the market is in the red today.
The Middle East is becoming more tense, which is also bad for crypto markets. Today, the price of Ethereum fell by 7% to $3,083. This is because several spot Ethereum exchange-traded funds (ETFs) traded, but they didn’t drive the price up.
