Greed

Bull Market

Rekt

In the last 24 hours, Bitcoin’s value plummeted by over 7%, which resulted in significant financial losses amounting to $256 million for traders holding long positions.
This drop is part of a broader trend, not considered unusual by experts, even amid rising geopolitical tensions in the Middle East.
According to Benjamin Cowan in a recent post on X dated April 13, such drops are par for the course in the current market cycle.
“So far, this is a normal drop. In fact, we’ve had several 20-22% drops this cycle,” Cowan explained.
Similarly, Michael Saylor, CEO of MicroStrategy, remains bullish, asserting on the same day on X that, “Chaos is good for Bitcoin.”
In the face of these declines, Rekt Capital, a pseudonymous cryptocurrency trader, suggested that Bitcoin’s current price dip is a precursor to a recovery, though it will likely test investor resolve.
“Bitcoin will retrace deep enough to convince you that the Bull Market is over,” Rekt stated, indicating a belief in the eventual resurgence of Bitcoin’s value.
On the specific details of the plunge, Bitcoin’s price fell to a low of $60,919 before stabilizing around $62,060, and later recovering slightly to $63,858, as reported by CoinMarketCap.
The sharp decline also triggered broader market liquidations, with a total of $319.15 million wiped out from leveraged Bitcoin positions in the same timeframe, comprising $256.58 million from long positions and $62.58 million from shorts, according to data from CoinGlass.
READ MORE: <a href="https://www.cryptointelligence.co.uk/ethereums-upcoming-pectra-upgrade-to-transform-crypto-wallets-with-enhanced-smart-contract-features/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Ethereum’s Upcoming Pectra Upgrade to Transform Crypto Wallets with Enhanced Smart Contract Features</a>
Further risks loom as short traders are poised for potential liquidations worth $1.05 billion should Bitcoin revert to its previous 24-hour high of $67,000.
The larger cryptocurrency market felt the ripple effects, with a staggering $945.9 million liquidated from 253,554 traders overall.
Market sentiment, as measured by the Crypto Fear and Greed Index, also saw a downturn to a greed level of 72 from last week’s 78, indicating a shift in trader perception.
Additionally, the global crypto market cap has decreased by 8%, dropping to $2.23 trillion.
Despite these challenges, demand for Bitcoin remains robust, particularly among long-term investors or “permanent holders.”
Cointelegraph reports that according to CryptoQuant, demand now surpasses the supply of new Bitcoin entering the market, a trend expected to intensify following the upcoming Bitcoin halving, further underscoring the growing scarcity of the cryptocurrency.
To submit a <a href="https://www.cryptointelligence.co.uk/category/press-releases/" data-wpel-link="internal" rel="noopener noreferrer nofollow">crypto press release (PR)</a>, send an email to <a href="mailto:sales@cryptointelligence.co.uk" rel="noopener noreferrer nofollow">sales@cryptointelligence.co.uk</a>.

Bitcoin Drops Over 7%, Triggering $256 Million in Losses Amid Market Turbulence

Crypto Intelligence

Egyéb ezen a dátumon (2024. ápr. 15.) megosztott cikkek

Toncoin Price Prediction: TON Flips DOGE To Become The 8th Biggest Crypto As This Dogecoin Deriva...

Ripple’s Legal Tussle with SEC Nears Possible Settlement

Is This the Right Time to Buy Bitcoin? Analyst Reveals Key Price Levels to Watch

Solana soars 10% after major software upgrade

The Apprenticeships Conference 2024 and EPAOs Challenges

Top Crypto to Buy: BlockDAG Network’s 30,000x ROI Potential Outshines Fantom and Ethereum Classic...

Join our free newsletter for daily crypto updates!