Bitcoin Suffers 10% Pull Back On El Salvador’s Debut, Funding Rates Dip

Bitcoin Suffers 10% Pull Back On El Salvador’s Debut, Funding Rates Dip


Bitcoin’s price plummeted over 10% on early Tuesday, as El Salvador announced that it would officially accept the major cryptocurrency as the nation’s legal tender. 

According to CoinMarketCap, Bitcoin’s slump from Monday accelerated as the crypto failed to hold its $50,000 price level — sliding from $51,000 to $44,700 within a single hour. The sudden sell-off resulted in $1.44 billion in futures liquidations of Bitcoin trades in the past 24 hours, according to data from ByBt. 

Total liquidations chart on ByBt.com

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The single largest reported liquidation occurred on Huobi-BTC — worth $43.7 million at the time. As expected, the vast majority of the liquidations were longs, representing about 88% of the total liquidations. 

Since dropping to weekly lows, the price of Bitcoin rebounded up to as high as $47,500. At press time, BTC is hovering at $46,500 across major exchanges Binance, Coinbase, and Huobi. 

BTC daily chart on Tradingview.com

Related Reading | New to Bitcoin? Learn to Trade Crypto

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