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Bitcoin

Crypto Liquidations Hit $1 Billion As US Rules Out Bitcoin Buying

Keshav Verma
by Keshav Verma
1 month ago
·
Posted in Breaking News Ticker
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The cryptocurrency market has been delivered a shock after US Treasury Secretary Scott Bessent said the government doesn’t plan to buy Bitcoin.

US Government Doesn’t Plan To Buy More Bitcoin For Strategic Reserve

In an interview with Fox Business, Bessant has touched on the topic of the Strategic Bitcoin Reserve and has confirmed that the government will not be buying more of the cryptocurrency for it. Instead, he said, the US will build it up using confiscated assets.

Related Reading: Ethereum Derivatives Mania: Positions Cross $30 Billion For First Time Ever

At current prices, these assets are worth between $15 to $20 billion. The US Treasury Secretary has also revealed that the government is going to stop selling its BTC holdings.

The market has reacted negatively to the news, with Bitcoin going to as low as $118,000. The asset was already chaotic during the past day, with its price first setting a new all-time high (ATH) above $124,000 and then facing a sharp retrace, so the announcement has only added to the chaos.

This latest volatility in the cryptocurrency sector has meant that a significant amount of derivatives traders have found liquidation, according to data from CoinGlass.

Bitcoin & Other Cryptos

The numbers related to the derivatives flush that has occurred over the last 24 hours | Source: CoinGlass

As displayed in the table, liquidations across the market have totaled to nearly $1 billion in the last 24 hours. As Bitcoin and other assets have declined in this window, it’s not surprising to see that longs took the brunt of the derivatives flush, with $747 million in positions being forcibly closed off.

In terms of the individual tokens, Ethereum-related contracts led the liquidations at $312 million. Bitcoin came second with $214 million in contracts.

Bitcoin & Other Cryptos

The breakdown of the latest liquidations by symbol | Source: CoinGlass

ETH coming on top is likely down to the fact that the asset has been getting all the attention lately, with its price rallying close to its ATH. Altcoins like Solana (SOL) and XRP (XRP) have also seen significant liquidations of $66 million and $56 million, respectively.

While the US may not be planning to acquire Bitcoin itself, President Donald Trump has been moving to establish the country as the “crypto capital of the world.” The President’s Working Group earlier released a Digital Assets Report, giving recommendations related to cryptocurrency policy.

Related Reading: Bitcoin Treasury Company Metaplanet Reports Strongest Quarter Ever

Federal agencies have already begun working to realize Trump’s vision, like the Securities and Exchange Commission (SEC) with its Project Crypto and the CFTC with its Crypto Sprint.

BTC Price

At the time of writing, Bitcoin is trading around $118,200, down more than 2% over the past day.

Bitcoin Price Chart

The trend in the BTC price over the last five days | Source: BTCUSDT on TradingView
Featured image from Dall-E, CoinGlass.com, chart from TradingView
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Keshav Verma

Keshav Verma

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Keshav is a Physics graduate who has been employed as a writer with Bitcoinist since June 2021. He is passionate about writing and through the years, he has gained experience working in a variety of niches. Keshav holds an active interest in the cryptocurrency market, with on-chain analysis being an area he particularly likes to research and write about.

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