Leveraged traders who bet against a Bitcoin or crypto price recovery are getting ruined.
According to market data tracking company CoinGlass, in the past 24 hours $704,000,000 worth of leveraged cryptobets has been liquidated.
Liquidation of $556 Million in Longs and $157 Million in Shorts hit the majority, i.e., traders who went long.
Ethereum long-liquidations, at 204 millions dollars, were followed by Bitcoin’s long-liquidations with $196 million.
The mood among cryptocurrency investors has once again sunk into extreme fear. Veteran trader Peter Brand predicts that BTC will continue to fall between $58,000-$62,000.
Credible Crypto, a pseudonymous crypto analyst, believes that BTC is on the brink of rupturing its bull market structure.
It was very close but not quite. We need to recover $81,000-$85,000 in order to leave the danger zone .’
I’ll assume that the same level of $25,000 will not be breached until it is.
Let’s try to reclaim between 81 and 85k first, then we will see where it goes.”
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The ICD published the first article entitled “704,000,000 Bitcoins and Cryptos Liquidated as BTC price plunges to $74,600”
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