Bitcoin fell below $39,000, with more than $337 million liquidated

On January 23, 2024, the value of bitcoin fell below $39,000. Currently, the cryptocurrency is trying to stabilize around this level

At the time of writing, bitcoin is trading around $39,000, according to TradingView. In 24 hours, from January 22 to January 23, 2024, the drawdown was 0.86%.

BTC to USDT exchange rate. Source: TradingView.

Amid the further decline in the exchange rate, the dominance indicator, which previously indicated growth, has now started to decline.

CoinGlass data shows that amid this drawdown, the volume of liquidations on futures contracts reached a level of $337 million.

Liquidation volumes on cryptoasset futures contracts. Source: CoinGlass.

The overall market situation continues to deteriorate and all crypto assets from the top 10 by capitalization are experiencing a drawdown.

Top 10 cryptocurrencies by market capitalization. Source: Investing.com.

According to CoinStats, the Fear and Greed Index has dropped five points in the last 24 hours.

Fear and Greed Index. Source: CoinStats.

Bitcoin's drop occurred at the same time as significant outflows from #GBTC fund of #Grayscale Investments.