Bitcoin climbed to over $30,000 during the Asian evening hours on Wednesday on hopes of favorable monetary policies in the U.S, some market analysts opined. That move didn’t last long, however, as sudden sales drove prices to the $27,700 level following the U.S. market open.
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The CryptoX Market Index (CMI), which tracks the performance of the broader crypto market, plummeted 5.6% in an hour.
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More than $25 million in Bitcoin futures have been liquidated over the last hour with longs contributing to 98% of the total liquidations.
After a strong push above $30,000 on Tuesday, the world’s largest cryptocurrency Bitcoin (BTC) has come under heavy selling pressure once again. Over the last hour from BitcoinBTCHourHugeLiquidationsPriceTanks Read More
The sudden drop on no immediate fundamental catalyst flushed millions of dollars worth of futures positions.
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Bitcoin (BTC) headed lower into the April 17 Wall Street open as downside began liquidating longs.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewBitcoin’s price tipped for a break below $29,000Data from Cryptox Markets Pro and TradingView showed BTC/USD wicking to $29,247 on Bitstamp — its lowest in a week.Gains for Asian AnalystBitcoinBTCDipLiquidationsPriceSparks Read More
“Bitcoin has effectively decoupled from the traditional markets since the start of the year, up over 80% while stocks have slumped,” said Alex Adelman, CEO of bitcoin rewards app Lolli, in an email to CoinDesk. “Bitcoin’s strength compared to the traditional markets shows that investors are increasingly shifting their capital 30KBitcoinBTCCrossesFuturesLiquidationsShorts Read More
Both longs, or bets on, and shorts, or bets against, were nearly equally impacted. Longs saw $10 million in liquidations while shorts took on $13 million. Traders on crypto exchange OKX were the most impacted, taking on $12 million in losses on dogecoin futures positions.
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Bitcoin (BTC) drifted lower on March 25 as eerily calm conditions saw liquidations evaporate.BTC/USD 1-hour candle chart (Binance). Source: TradingViewBitcoin in "slow chop" until MondayData from Cointelegraph Markets Pro and TradingView followed BTC/USD as it focused on $27,500 at the time of writing.After losing $28,000 the day prior, weekend trading 30KBitcoincryptoexchangeDipExchangesHitHopesLiquidationsTradervanish Read More
Some remain upbeat about the medium-term outlook for bitcoin and the broader market.
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As such, data suggests the price action was spot driven. As of Tuesday, open interest on futures remained below Mar. 9 levels, when bitcoin traded above $23,500, even as bitcoin retraced all losses – implying the price action was led by investors purchasing bitcoin instead of being futures driven.
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