{"id":202199,"date":"2021-10-21T07:13:16","date_gmt":"2021-10-21T06:13:16","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=202199"},"modified":"2021-10-21T14:01:00","modified_gmt":"2021-10-21T13:01:00","slug":"bitcoin-dumps-2400-after-setting-67000-high","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/bitcoin-dumps-2400-after-setting-67000-high\/","title":{"rendered":"Bitcoin dumps $2,400 after setting $67,000 high"},"content":{"rendered":"

Bitcoin (BTC)<\/span><\/a> dumped nearly $2,400 this morning after setting an all-time high of $67,000 last night, data from multiple sources showed.<\/span><\/p>\n

The all-time high break came on the back of a futures exchange-traded fund (ETF) going live on Tuesday and seeing over $500 million worth of Bitcoin exposure offered on the first day of its trading.\u00a0<\/span><\/p>\n

But traders stepped in this morning to take profits on their gains\u2014sending Bitcoin down by several hundreds of dollars.<\/span><\/p>\n

Bitcoin sets all-time high<\/b><\/h2>\n

Starting late last evening, Bitcoin saw a sell-off from the $66,964 price level to as low as $64,100 this morning. It saw support at its 34-period moving average\u2014an indicator used by traders to identify market trends based on historic movements\u2014with traders keeping the asset above the $64,800 price level in the past hours.<\/span><\/p>\n

\"\"
Image: BTC\/USD via TradingView.<\/figcaption><\/figure>\n

The move caused over $220 million worth of futures liquidations, data from analytics tool Bybt shows. \u2018Liquidations,\u2019 for the uninitiated, occur when leveraged positions are automatically closed out by exchanges\/brokerages as a safety mechanism.<\/span><\/p>\n

The largest single liquidation order happened on Bitmex, a Bitcoin trade valued at $10 million. 66% of all liquidations took place on <\/span>shorts<\/span><\/i>, or traders betting against rising prices, with crypto exchange FTX accounting for $58 million in Bitcoin futures liquidations alone.<\/span><\/p>\n

Meanwhile, the Bitcoin sell-off put a brief stop to what was a green surge across the crypto markets last night.<\/span><\/p>\n

Ethereum jumped 8.9% in the past day to over $4,191 this morning, just $125 away from its May 2021 all-time high. Competitors Solana and Cardano saw gains of 17% and 7% respectively, with \u2018digital silver\u2019 Litecoin seeing a 12% price increase.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin (BTC) dumped nearly $2,400 this morning after setting an all-time high of $67,000 last night, data from multiple sources showed. The all-time high break came on the back of a futures exchange-traded fund (ETF) going live on Tuesday and seeing over $500 million worth of Bitcoin exposure offered on the first day of its […]<\/p>\n","protected":false},"author":65,"featured_media":202197,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[120,6849],"tags":[60786],"post_folder":[],"acf":[],"yoast_head":"\nBitcoin dumps $2,400 after setting $67,000 high<\/title>\n<meta name=\"description\" content=\"Bitcoin (BTC) dumped nearly $2,400 this morning after setting an all-time high of $67,000 last night, data from multiple sources showed.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/bitcoin-dumps-2400-after-setting-67000-high\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" 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