In the past 12 hours, Bitcoin's price has dropped by more than four thousand dollars amid reports of a substantial sell-off by Galaxy Digital.
Unexpected Bitcoin Price Drop
Bitcoin's price remained in a relatively tight range between $117,000 and $120,000 over the past week, but after the latest rejection from $123,000, it fell to $115,000. This marks the lowest price in two weeks, triggered by significant market sell-offs.
Galaxy Digital's Impact on the Market
Galaxy Digital, led by Mike Novogratz, initiated asset sell-offs which have considerably impacted market volatility. The company initially deposited 10,000 BTC onto exchanges before withdrawing USDT. Moreover, Galaxy subsequently transferred another 2,850 BTC, bringing the total sale to $1.5 billion.
Trader Liquidations
This volatility has adversely affected traders using high leverage. According to CoinGlass, the total value of liquidated positions now stands at $515 million, with Bitcoin leading the way at $143 million. The number of liquidated traders exceeds 140,000, with the single-largest liquidation occurring on OKX at over $17 million.
The Bitcoin market remains tense following Galaxy Digital's significant sell-off, which has led to widespread liquidations. The market will be closely watching further actions from the company.
