Bitcoin started the week on a decline, with the digital currency falling below $39,000 on Tuesday morning (23). This move resulted in significant sell-offs in the industry, totaling approximately $300 million across various trading platforms.
At the time of writing, Bitcoin is trading around $38,915 with a loss of 4% in the last 24 hours.
The drop had a direct impact on the digital coin’s market capitalization, which now stands at around $767 billion and has fallen by almost $40 billion in recent days.


BitMEX co-founder Arthur Hayes pointed out that Bitcoin’s downward trend could continue until the end of the month, driven by external factors such as the US Treasury Department’s quarterly refund announcement.
Meanwhile, Ethereum (ETH), the second largest cryptocurrency on the market, also recorded a decline in value, down 6% and trading at $2,230.
This decline can be partially attributed to the sale of assets by the Ethereum Foundation and the movement of funds by Celsius, a cryptocurrency company facing challenges.
Celsius has transferred significant amounts of ETH to exchanges such as Coinbase and FalconX, and the Ethereum Foundation has generated approximately $1.6 million worth of ETH.
$300 million in settlements
Coinglass data indicates steep losses for long-term traders betting on a bull market. Within just one hour, these traders faced losses of $115 million, and if the period was extended to 24 hours, the losses amounted to almost $300 million.
Traders with pessimistic positions suffered smaller losses, around $38 million.
As for Bitcoin, more than $80 million was liquidated, with the majority of these losses attributed to long positions. The largest settlement was a $5 million bet on the price increase of BTC on the Bybit platform.
Ethereum traders also faced challenges, with total liquidations reaching nearly $70 million, the majority of which came from bets on ETH’s valuation.
In addition to Bitcoin and Ethereum, traders in other major cryptocurrencies such as Solana, XRP, Dogecoin and Ordinal also posted losses, with liquidations ranging from $4 million to $16 million.
Cryptocurrency trading platforms, including Binance, the largest by trading volume, have suffered significant losses among their users.
Binance reported losses of $98 million, while OKX had liquidations totaling $71 million. Others like ByBit and HTX also reported significant losses.
Source: Live Coins

Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.