With the sudden decline, the Bitcoin (BTC) price lost 3% of its value within minutes and fell to $ 68,500 at its bottom.
It is estimated that the reason for the decline was the live organized by RoaringKitty, the most well-known influencer of GameStop shares. The live broadcast in question is followed by approximately half a million people and is also broadcast live on economic giant channels such as CNBC.
During RoaringKitty's live broadcast, GameStop shares fell sharply, bringing the influencer's total loss to $235 million. The shares in question can be considered equivalent to memecoins in the cryptocurrency industry.
In addition, the data shows that there has been a heavy liquidation of approximately 300 million dollars in the cryptocurrency market in the last hour. $285 million of the liquidations are in long positions and the rest are in short positions. However, it is noteworthy that a significant portion of the liquidations are in other altcoins such as Bitcoin, Ethereum, Dogecoin, Solana.
It is thought that most liquidations occurred in low market value memecoins.
The liquidation amount in Bitcoin is limited to 44 million dollars.
*This is not investment advice.
