Bitcoin’s Slump Sees Crypto Bulls Staring at $440M in Liquidations
Prices could be headed to as low as $55,000 in the coming weeks, one trader said, but the long-term bullish outlook remains intact.
Prices could be headed to as low as $55,000 in the coming weeks, one trader said, but the long-term bullish outlook remains intact.
Pepe (PEPE), the frog-themed göğüs token on Ethereum, was up as much as 100% to set record highs.
Analysts also pointed out that GBTC shares flipped to a 0.9% discount on Thursday amid “likely selling pressure.”
Bitcoin ETFs clocked up some $4.6 billion in volumes on their first day, but market volatility hit futures speculators as prices whipsawed.
Some $45 million stemmed from altcoin futures in an unusual move – with bitcoin accounting for a relatively lesser $36 million in liquidations.
Short traders betting against higher bitcoin (BTC) prices lost some $90 million on Tuesday alone, adding on to the $70 million in short liquidations on Monday.
Altcoins futures took a hit Monday as sudden volatility liquidated both longs and shorts, causing unusually high liquidations on some lesser-known tokens.
Overall market capitalization has risen 3% in the past 24 hours to reach a level previously seen in April 2022.
BTC surged past $31,000 and other cryptocurrency prices soared sharply Monday, too, taking many leveraged traders by surprise.
Grocery chain Trader Joe’s alleged the Trader Joe exchange chose a similar name to benefit from the former’s popularity.