Longs liquidated $100 million as Bitcoin drops below $39,000; SATS and OKB see largest declines.

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Bitcoin Falls Below $39,000

Cryptocurrencies saw a significant drop on January 23, as Bitcoin had been consolidating for several days after reaching $41,000 on the 20th and began a slow decline on the morning of the 22nd, falling below $41,000 by the evening of that day.

In the early hours of the 23rd, it dropped below the $40,000 mark and, at the time of writing, briefly fell below $39,000. Ethereum also dropped to $2,222, with the total cryptocurrency market capitalization falling by -4.68% to $1.53 trillion.

Bitcoin Falls Below $40,000 This Morning, FTX Dumping GBTC to Blame?

Is Mt.GOX Also a Potential Selling Pressure?

While there is much discussion in the market about GBTC, some analysts believe that the outflow of GBTC and the inflow of other Bitcoin spot ETFs have offset each other.

Other potential reasons for the decline include:

• Ethereum Foundation exchanging 700 ETH for DAI at an average price of $2,406.

• Not only GBTC, but Mt.GOX also poses potential selling pressure.

Continuous Selling Pressure from GBTC, Bitcoin's Decline May Not See a Turnaround Until Late March

$SATS Has the Highest Decline

According to CoinMarketCap, the top 24 coins with the highest decline in market cap are:

• SATS 1000SATS: -13.2%

• OKB OKB: -13.2%

• Optimism OP: 10.5%

• ORDI ORDI: -11.4%

• NEAR Protocol NEAR: -10.52%

On-chain tracking institution Arkham noted that over $100 million in long positions were liquidated within an hour.

gm

>$100M in long positions have been liquidated in the past hour.

Stay safe out there. pic.twitter.com/aD3mKGtS1g

— Arkham (@ArkhamIntel) January 23, 2024

Previously reported, OKX exchange's platform token experienced significant fluctuations, with a decline of up to 50% at one point.

OKB Plunges Over 50%, OKX Investigating Xu Mingxing, On-chain Whales Dumping?