A recent decrease in Bitcoin and other cryptocurrencies has been attributed to various factors, according to analysts at QCP Capital. The drop in Bitcoin's price to $66,000 this morning was accompanied by a similar trend in Ethereum (ETH), which briefly fell to $3,319.

QCP Capital analysts pointed out that increased funding rates played a significant role in these declines. The options market and high funding rates have signaled a potential downside move, leading to the drop in prices. These high funding rates contributed to massive liquidations, particularly on exchanges with many retail investors such as Binance, where funding rates spiked to 77%.

In the last 24 hours, leveraged positions worth $394 million were liquidated, with long positions comprising $312 million and short positions $81 million. A total of 120,310 investors faced liquidations during this period, with the largest liquidation occurring in the ETH/USD pair on the OKX exchange.

Bitcoin's current trading price is $66,930. It is important to note that this information is not intended as investment advice.

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