Bitcoin Dips Below $40K as Wall Street Opens in the Red

It’s been another day with blood on the streets in the cryptocurrency market, but also in traditional finance. Bitcoin’s price dipped below $40K, leaving over $295 million worth of liquidations in the past 24 hours alone.

• Things took a turn for the worst during Monday’s trading session as Bitcoin’s price dipped below $40K for the first time since September 2021.
• At the time of this writing, the price hovers around $40,500, down 3.5% in the past 24 hours and 16.3% in the past week.
• With this in mind, the lowest the price went during this dip is $39,558.

• Data shows that the total liquidations cross the entire cryptocurrency market in the past 24 hours amount to about $296 million.
• The largest single liquidation order took place on BitMEX and had a face value of $5.95 million.
• In general, 79% of the liquidations are of long positions, and 35% of them took place on OKEx, followed by 33.4% on Binance.
• It’s also interesting to note that Wall Street also opened in the red today. The S&P 500 is currently trading 1.3% below Friday’s closing price. The FTSE 100 is down 0.18%, whereas the Nasdaq Composite is down 1.72%.