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CryptoIntelligence
2024-06-10 04:35:00

Bitcoin’s Rebound Could Trigger $1 Billion Short Position Liquidation Amid Market Uncertainty

If Bitcoin rebounds swiftly from its recent dip to $71,000 on June 6, over a billion dollars worth of short positions will be liquidated. On June 7, Bitcoin fell by 3.33% to $68,507 before slightly recovering above the crucial $69,000 level. This decline occurred amid broader macroeconomic uncertainty following the United States Employment Situation Summary Report, which revealed higher-than-expected job growth in May. In addition to Bitcoin’s drop, Ether also fell by 3.58% over 24 hours, while several altcoins like Solana, Dogecoin, and Pepe experienced significant declines of 5.61%, 8.70%, and 9.99%, respectively, according to CoinMarketCap data. This market plunge

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