Bittime - Bitcoin, the largest digital asset, experienced another 5% price drop in the last 24 hours, triggering a panic sell-off in the crypto market. Overall, digital asset market capitalization shrank by around 4.27% in early Thursday trading. This continued decline led to massive liquidation of long bets (buy positions) further weakening investor confidence.
Bitcoin Price Drops 13% in a Week
After a so-called market correction, Bitcoin price is now down more than 13% in the last 7 days. BTC has seen a decline from price levels above $70,000 to as low as $60,000 in the same period. Bitcoin is currently trading at an average price of $61,240. 24-hour trading volume rose 8% to $42.2 billion.
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The crypto plunge has resulted in the liquidation of more than $241 million worth of long and short positions in the last 24 hours. However, the largest liquidation order recorded by the tracker occurred on crypto exchange OKEx for ETH-USD-SWAP worth $5.40 million.
Data shows that 75% of the total $244.43 million in liquidations turned out to be long bets. The amount of liquidation of long positions reached $184.10 million. However, about $60 million of liquidations came from short bets placed by traders.
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This indicates that traders expect the ongoing correction to end soon, while the crypto market is showing an overall decline. The largest liquidation of futures bets occurred on crypto exchange Binance with a value of more than $96.72 million.
Where is the Crypto Market Heading?
The recent crypto market crash sent shockwaves throughout the industry. The fear and greed index currently shows a sentiment of "Neutral" which is down from "Greedy" among traders and investors. The index fell from a high of 80 points to 55 points. Bitcoin dominance is currently at 53.92%, down 0.32% compared to the previous day.
Crypto players anticipate that the bull run (uptrend in prices) may have ended after Bitcoin's price fell by 16% since reaching its all-time high (ATH) of $73.6k on March 14. With this decline, talk of a bear market (downtrend in prices) is increasing among the crypto community.
Looking at history, prices usually move contrary to the expectations of the majority of traders. A rapid decline in FOMO (Fear Of Missing Out) in line with an increase in FUD (Fear, Uncertainty, and Doubt) could be a positive signal that crypto will experience a recovery, either right before the halving (reduction of Bitcoin mining rewards) or soon after.
Dear Beli Crypto from Bittime
You can buy and sell crypto assets in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime , make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn Complete Guide How to Buy Crypto on Bittime .
Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also read:
Bitcoin Legality: Is Bitcoin Legal in Different Countries?
What is the Concept of Bullishness and Bearishness in Cryptocurrency?
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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