Showing posts with label Cryptocurrency. Show all posts
Showing posts with label Cryptocurrency. Show all posts

Apr 18, 2021

$7.6 billion in crypto long positions liquidated in one hour as bitcoin plunges to $52,000

 


$7.6 billion in crypto long positions have been liquidated over the past hour as bitcoin's price plunged to $52,000, data from bybt.com shows.


Bitcoin's price began to trend downwards early Saturday, but the steep plunge began around 3:00 UTC on Sunday. 


Bitcoin's price dropped by more than 10% over the past hour, from $58,000 to below $52,000, during which around $4.3 billion in bitcoin long positions were liquidated.


As of the time of writing, bitcoin's price has bounced back to around $55,000.


Overall, $9.2 billion in crypto long positions have been liquidated in the last 24 hours. 


At a situation like this using leverage is very dangerous game. Many traders are irresponsible and are buying bitcoins with money hoping to sell it in short term and bank the difference, which result to over a million traders liquidated on a $10,000 drop.


As time goes on bitcoin will bounce back and go long massively on it own time just HODL-low risk high reward strategy.


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Bloody Sunday: Over 1 million investors liquidated, altcoins crash by 20%

 


It's a Sunday and yet another great dip in the crypto market. The flagship altcoin is under high liquidating pressure with Ethereum trading at $985 at the time of writing this report, down - 12.40% for the day. It is the biggest daily dip since March 12, 2020 as recorded.


A significant number of investors in the crypto market have had their accounts liquidated amid the sudden drop seen in a number of altcoin assets.


The flagship altcoin is under high selling pressure with Ethereum trading at $1,952 at the time of writing this report, down 21.46% for the day. It is the biggest daily drop since March 12, 2020.


For the day, about 1,018,638 investors had their account worth about $10 billion liquidated. The largest single liquidation order happened on Binance-BTC valued at $68.73 million.


Such a fall pushed Ethereum’s market value to $247.15 billion, or 12.16% of the total cryptocurrency market value. At its highest, Ethereum’s market value was close to $300 billion.


On the altcoins perspective, the sudden crash as of the time of writing this report could not be fully assessed, but market sentiments point to rumours that the U.S. Treasury is planning to charge several financial institutions for money laundering using crypto. - NairaMetrics


However, top cryptos such as XRP lost as much as 21.17%, Polkadot and Litecoin were down by 20%, bitcoin cash down 20% for the day, while dogecoin has lost about 15% in value so far. Dip still in process.


Many weeks ago, leading United Kingdom financial regulator, the Financial Conduct Authority, issued a piece of stern advice on crypto investments. The statement highlighted the risks associated with investing in Bitcoin and other crypto assets and warned the public that there were high chances that all their funds could be lost.


“The FCA is aware that some firms are offering investments in crypto assets or lending or investments linked to crypto assets, that promise high returns.


“Investing in crypto assets, or investments and lending linked to them generally involves taking very high risks with investors’ money. If consumers invest in these types of products, they should be prepared to lose all their money,” said the FCA.


That said, a significant number of crypto investors appear to be shrugging off the huge fall as another typical bump on the crypto path, and one which, no doubt, will likely see crypto trading volume return as crypto investors look to buy what many are viewing as a bargain, to buy into what is still very much a bullish run.