Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
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1.14%Reading
Bitcoin’s tumultuous Thursday apparently caught traders unawares, with the token’s sudden plunge triggering nearly $300 million worth of BTC-specific liquidations in 24 hours, and over $800 million worth of liquidations across the broader crypto market.
Early Thursday morning, Bitcoin nearly touched $74,000, notching yet another all-time high for the red-hot cryptocurrency. Then a report from the U.S. Labor Department revealed that inflation has yet to fully subside—sending Bitcoin on a downward spiral that it has yet to fully recover from.
BTC dropped as low as $65,848 on Friday morning; it has since recovered to $67,860 at writing, an 8% drop from Thursday’s highs.
That dip was clearly unanticipated by many traders who—amid BTC’s spectacular, record-breaking rally of the last couple weeks—bet hundreds of millions of dollars on the coin continuing to go up in price.
Bitcoin today took a hit—falling well below its fresh all-time high to under $69,000 per coin. The biggest digital coin by market cap has since recovered and is back above $70,000 at time of writing. But it's significantly below the $73,700 level it hit yesterday, CoinGecko shows. Bitcoin has been on a roll thanks to the massive success of new spot Bitcoin exchange-traded funds (ETFs). But then data dropped on Thursday from the Labor Department's Bureau of Labor Statistics showing that the produ...
Over $200 million dollars worth of BTC long positions have been liquidated in the last 24 hours alone, according to data from CoinGlass. Over $70 million short positions of the world’s top cryptocurrency have also been liquidated in the same period.
While Bitcoin-related liquidations constituted over a third of all such transactions in the crypto market, many other coins have felt the heat in the last day, following similar trends.
Ethereum plummeted about 8% off yesterday’s dim inflation news, to $3,701 at writing. In a trend parallel to that of BTC, more than $100 million worth of ETH long positions were liquidated in the aftermath, along with over $30 million worth of short positions on the token.
MicroStrategy has amassed a 205,000 Bitcoin corporate treasury worth nearly $14 billion at current market prices. It's almost enough to have kept pace with the $15 billion worth of Bitcoin that BlackRock has bought up to back shares of its 's iShares Bitcoin Trust. But there's reason to worry about the way the company has been buying BTC, say JP Morgan analysts. "We believe debt-funded bitcoin purchases by MicroStrategy add leverage and froth to the current crypto rally and raise the risk of mor...
The other tokens most bloodied by yesterday’s sudden price dip include Solana and Dogecoin, which saw over $40 million and $18 million worth of liquidations, respectively.
Though the vast majority of cryptocurrencies saw most of their liquidations come from long positions, Solana was the rare exception to buck that trend—with SOL long and short liquidations in the last 24 hours almost equally split at roughly $20 million each.
Edited by Andrew Hayward
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
Prominent technology investor Cathie Wood’s Ark Invest released an updated Bitcoin price target, outlining a path for the top cryptocurrency to reach a price of as much as $2.4 million per coin by 2030. Released on Thursday, the latest report levels up Ark’s previous price predictions from its annual Big Ideas report, which used total addressable markets (TAM) and penetration rate assumptions to determine a price prediction for Bitcoin. Now, the firm combined its previous predictions with expe...
Bitcoin ETFs attracted $442 million in inflows yesterday, marking the fourth consecutive trading day of positive accumulation. Markets have been green since last Thursday, but were closed in various regions in observation of Good Friday and Easter. Total assets under management now stand at $108 billion, according to data from CoinGlass, reaching its highest level since late February, as Bitcoin continues its recovery from the low $80,000 range this week. BTC, the original cryptocurrency, is cur...
An Ethereum user fell victim to an address poisoning scam on Sunday, resulting in the loss of nearly $700,000 worth of the USDT stablecoin. Experts warn this rising form of scam is easy to fall victim to if users aren’t militant in fully checking the address that they’re sending funds to. What is address poisoning? For address poisoning to work, malicious actors create an address that looks strikingly similar to an address that the victim has interacted with recently. The attacker will then send...