Summary:
Bitcoin’s slump continues after experiencing a sharp price decline over the last few hours. The dip caused over 0 million worth of long positions to get liquidated. Earlier today, Bitcoin briefly reached .5k at 8:44am EST, after stagnantly trading within the -57k range. The price suddenly fell afterward, dropping hundreds of dollars by the hour. According to BitStamp, Bitcoin fell to .5k. Binance Futures even saw the price drop below k. Since then, the price has recovered slightly, trading at ,372 at the time of writing. k is approximately the trillion market cap level for Bitcoin. There were major consequences, however. Data from glassnode shows that 2.4 million worth of long positions were liquidated within ten minutes. Coinglass shows 1
Topics:
Andrew Throuvalas considers the following as important: AA News, Bitcoin (BTC) Price, BTCEUR, BTCGBP, btcusd, btcusdt
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Bitcoin’s slump continues after experiencing a sharp price decline over the last few hours. The dip caused over 0 million worth of long positions to get liquidated. Earlier today, Bitcoin briefly reached .5k at 8:44am EST, after stagnantly trading within the -57k range. The price suddenly fell afterward, dropping hundreds of dollars by the hour. According to BitStamp, Bitcoin fell to .5k. Binance Futures even saw the price drop below k. Since then, the price has recovered slightly, trading at ,372 at the time of writing. k is approximately the trillion market cap level for Bitcoin. There were major consequences, however. Data from glassnode shows that 2.4 million worth of long positions were liquidated within ten minutes. Coinglass shows 1
Topics:
Andrew Throuvalas considers the following as important: AA News, Bitcoin (BTC) Price, BTCEUR, BTCGBP, btcusd, btcusdt
This could be interesting, too:
Wayne Jones writes Bad News for Crypto? Elizabeth Warren to Succeed Sherrod Brown on House Banking Committee
Martin Young writes Ethereum’s Modular Strategy: Short-Term Pain, Long-Term Gain, Says Research
Dimitar Dzhondzhorov writes 4 Reasons Why Bitcoin’s (BTC) Price Might See a Short-Term Correction
Wayne Jones writes DOJ Seeks M in Crypto from Binance Over FTX Bribery Allegations Involving SBF
Bitcoin’s slump continues after experiencing a sharp price decline over the last few hours. The dip caused over $200 million worth of long positions to get liquidated.
- Earlier today, Bitcoin briefly reached $57.5k at 8:44am EST, after stagnantly trading within the $56-57k range.
- The price suddenly fell afterward, dropping hundreds of dollars by the hour. According to BitStamp, Bitcoin fell to $51.5k. Binance Futures even saw the price drop below $51k.
- Since then, the price has recovered slightly, trading at $53,372 at the time of writing. $53k is approximately the $1 trillion market cap level for Bitcoin.
- There were major consequences, however. Data from glassnode shows that $112.4 million worth of long positions were liquidated within ten minutes. Coinglass shows $221 million liquidated in the last 4 hours. That’s the largest liquidation Bitcoin has seen since early September.
- Bitcoin’s fall seems to correlate with the stock market. The NASDAQ ended in deep red today, with a near 2% drop after a very bad week.
- On-chain metrics continue to favor a mid to long-term bullish outlook for Bitcoin, in the form of an extended bull market.
