The drop in Bitcoin’s (BTC) value by more than 7% in the past 24 hours caused a total loss of approximately $256 million for investors holding long positions.
Despite the rising geopolitical tensions in the Middle East, analysts maintain that this is not an unusual development.
“Up until now, this decline is typical. We’ve experienced multiple drops of around 20-22% during this market cycle, according to Benjamin Cowan in a post on X, dated April 13.”
“Chaos is good for Bitcoin,” MicroStrategy CEO Michael Saylor declared in an April 13 post on X.
In the meantime, anonymous cryptocurrency investor Rekt Capital is optimistic about Bitcoin’s price continuing to rise, but he predicts that it may encounter some temporary setbacks beforehand.
“Bitcoin will retrace deep enough to convince you that the Bull Market is over,” Rekt explained.
On April 13, Bitcoin’s price plummeted right down to $60,919, before finding support at $62,060.
At the time of publication, its current price is $63,858, as per CoinMarketCap data.
Over the last 24 hours, a shocking drop in Bitcoin’s price resulted in approximately $319 million being wiped out in losses from investors holding leveraged positions.
Based on the information from CoinGlass, there were total transactions amounting to $319.16 million. Among these, $256.58 million were for buying positions (long), while $62.58 million were for selling positions (short).
Traders are preparing for potential price drops as the recent Bitcoin price decrease to around $67,000 from the previous day could result in losses for short sellers amounting to approximately $1.05 billion if those positions are not closed beforehand.
Over the past day, a total of $945.9 million in cryptocurrencies was forced out of 253,554 traders due to market-wide losses.
The Greed and Fear Index, which measures investor emotions in the crypto market, is now showing a greed reading of 72. This is lower than the extremely high greed level of 78 we saw last week.
The global crypto market cap has also taken an 8% hit, dropping down to $2.23 trillion.
Currently, CryptoMoon notes that the interest from large-scale Bitcoin investors, or “whales,” is at an all-time high.
For the first time, the request for Bitcoins from “permanent holders” surpasses the available new supply in the market, as indicated by data from cryptocurrency analysis firm CryptoQuant.
The current rate of new Bitcoin creation through mining isn’t enough to satisfy the appetite of Bitcoin investors, implying that scarcity will intensify following the Bitcoin halving event.
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2024-04-14 05:25