As a seasoned researcher with over a decade of experience in the volatile world of cryptocurrencies, I have witnessed numerous market fluctuations and learned to navigate these turbulent waters with caution and a keen eye for opportunity. The recent surge in the crypto market, followed by a correction, has once again reminded me of the inherent volatility that characterizes this space.
A cryptocurrency expert has issued a cautionary statement, suggesting it’s quite probable that a sudden drop or “flash crash” in the overall crypto market may occur following its substantial growth over the past month.
Michael van de Poppe, the founder of MN Capital and a well-known cryptocurrency analyst, mentioned in a recent post on November 3rd that corrections are inevitable and will likely occur. He also indicated that such corrections could potentially trigger a ‘flash crash’ affecting Altcoins, leading to a massive liquidation cascade.
Buying opportunity awaits, says analyst
There’s no need to worry. Instead, view these instances as chances to invest in the market. Consider them as blessings,” van de Poppe further stated.
As more opportunities arise in the cryptocurrency market, even a minor correction or dip might lead to a significant number of forced sell-offs or liquidations.
Over the last day, approximately 618.69 million dollars worth of cryptocurrency was withdrawn from the market following South Korean President Yoon Suk-yeol’s initial announcement and subsequent withdrawal of martial law.
Approximately $85.77 million worth of Bitcoin (BTC) positions and around $61.50 million in Ether (ETH) positions were cleared out, as indicated by the data from CoinGlass.
After the emergency declaration, the cost of Bitcoin, Ether, XRP (XRP), and other cryptocurrencies plummeted, but they have managed to recoup some of their losses since then. As of now, Bitcoin has regained 2.4%, Ether 3.3%, and XRP a significant 9.2%, according to CoinMarketCap.
Recent crypto trading surge in South Korea
Yesterday’s figures revealed a significant surge in cryptocurrency trading volumes in South Korea, with a total of $18 billion exchanged within the past 24 hours. This figure outpaced the nation’s stock market by an impressive 22%.
Currently, it’s been announced that large Bitcoin holders (often referred to as “whales”) have chosen not to act while Bitcoin fluctuates around $100,000, showing signs of both advancement and retreat.
Despite no immediate need for selling right now, the increasing flow of Bitcoin into exchanges suggests a possible risk of future sell-offs, as pointed out by CryptoQuant’s Onat Tütüncüler in his November 2nd analysis note.
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2024-12-04 09:54