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Is Bitcoin’s Q3 Curse Real? Crypto Market Takes a $279 Million Hit

Is Bitcoin’s Q3 Curse Real? Crypto Market Takes a $279 Million Hit

CoineditionCoinedition2024/06/12 14:40
By:Anisha Pandey
  • Over $279 million was liquidated in the crypto market, with 89,872 traders affected.
  • The single-largest liquidation occurred on OKX on the ETH-USDT-SWAP.
  • Crypto analyst Ali Martinez cautioned investors about BTC’s performance in Q3s.

The crypto market experienced a sharp price crash in the past 24 hours, with Bitcoin (BTC) dipping to $67,000, resulting in $279 million in liquidations, according to Coinglass data.

In the past 12 hours, $116.01 million was liquidated, with $28.45 million liquidated in just four hours. In the past hour alone, liquidations totaled $4.20 million, according to Coinglass data . Over 89,872 traders were liquidated, with the single-largest liquidation occurring on OKX’s ETH-USDT-SWAP, valued at $5.21 million.

Crypto analyst Ali Martinez noted on X (formerly Twitter) that Bitcoin has “historically underperformed in Q3, with an average return of 6.49% and a median return of -2.57%,” suggesting a potential for sluggish price movement in the crypto market.

Is Bitcoin’s Q3 Curse Real? Crypto Market Takes a $279 Million Hit image 0 Is Bitcoin’s Q3 Curse Real? Crypto Market Takes a $279 Million Hit image 1

Bitcoin fell 11.5% in Q3 2023, 22.8% in Q3 2019, 10% in Q3 2015, and 39.7% in Q3 2014. However, it rallied 25% in Q3 2021, 17.9% in Q3 2020, 80% in Q3 2017, and 40% in 2013. While the median return for Bitcoin in the third quarter historically stands at -2.57%, the average return is 6.49%.

According to CoinMarketCap data , Bitcoin has declined 5.34% in the past seven days but has gained more than 10% in 30 days. Despite multiple attempts, Bitcoin has been unable to break above its all-time high of $73,000, reached in March.

Notably, the US CPI came out to 3.3% while the expected rate was 3.4%. Santiment stated that if the US CPI comes out lower, the price of the leading digital asset will see a surge in the short term and once again make an attempt towards the $70,000 price level. 

Interestingly, the performance of the cryptocurrency is affected heavily by the CPI rates and the decisions of the United States Federal Reserve.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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