Bitcoin dropped to its lowest level since July over the weekend, and a selloff across major cryptocurrencies triggered roughly $2 billion in liquidations. Binance co-founder Changpeng Zhao denied rumors that the exchange was selling crypto.
Bitcoin fell to its lowest level since July over the weekend as a selloff across major cryptocurrencies triggered roughly $2 billion in liquidations. Binance co-founder Changpeng "CZ" Zhao responded by denying that the exchange is selling Bitcoin.
Bitcoin recovers to $64,910 after touching $62,000
Bitcoin traded as low as $62,000 before recovering to $64,910 by late Sunday afternoon, down 14.2% on the week, according to The Block's price page. Ether fell 18.2% over the same period to $1,815, while Solana lost 19.7% to trade at $71.68.
Liquidations totaled $2.02 billion from 8 a.m. ET Saturday to 8 a.m. ET Sunday, according to CoinGlass. Longs accounted for $1.68 billion and shorts for $342.4 million. By about 4:30 p.m. ET Sunday, CoinGlass's live 24-hour tally had dropped to $742.9 million after the modest recovery in prices.
Zhao denies Binance sold crypto
The Binance co-founder denied rumors that the world's largest exchange was selling crypto following its recent hack on Oct. 29. In a post on X, he wrote: "No, Binance did not sell crypto," according to The Block. He said he had used stablecoins he recently received to buy crypto over the past few days.
Zhao also cited possible reasons for the slide. He pointed to withdrawals from U.S. spot bitcoin ETFs and expectations of another Federal Reserve rate hike. He also suggested investors could be freeing up cash for Anthropic's planned IPO and pointed to security concerns after the October Binance hack.
U.S. spot bitcoin ETFs saw $1.91 billion in net outflows over seven straight trading days through Friday. Spot ether ETFs shed $398.9 million last week, their seventh consecutive week of withdrawals, approaching their record of eight.
Source: The Block
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