CoinGlass data reveals high Bitcoin long liquidations at $47.9 million out of $49 million total, with $161 million liquidated in total, affecting Ethereum and altcoins as well.
Liquidations force closure of traders' positions due to insufficient funds, triggered by market volatility. Bitcoin at $63,370 reflects a 3.2% drop in 24 hours and 15% from its all-time high.
Despite market contractions, the regulated Bitcoin market is expanding. VanEck set to launch Australia's first spot Bitcoin ETF on ASX, offering direct Bitcoin exposure to investors without complexities.
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