Bitcoin Survives $ 1.3 Billion Position Liquidation

Close all leveraged Long trades Now! Bitcoin, Ethereum, the lot (Elon Musk Pump)

CONTENT

  • Bitcoin price plummets to $ 8600, pulling altcoins along with it.

  • Cryptocurrency market capitalization decreased by more than $ 23 billion.

  • Hours left before halving.

Crypto Leverage Trading: How To Not Get Liquidated – Bitcoin Trading Strategy

International consortium of news organizations developing transparency standards.

Bitcoin, which just two days ago peeped over the $ 10,000 mark, has now plummeted to $ 8,600 amid the massive liquidation of positions on crypto exchanges.

On Sunday, crypto investors decided to arrange a “bloodbath” for bitcoin (BTC) ahead of the halving. The total size of liquidated positions on exchanges trading cryptocurrency derivatives to about $ 1.3 billion. This triggered an aggressive Bitcoin collapse today..

This bearish trend affected, in addition to the first cryptocurrency in the world, and the altcoin market. All the top ten altcoins are in the red zone, while Bitcoin Cash (BCH), Litecoin (LTC) and EOS have suffered the heaviest losses in the last 24 hours.

The liquidation of longs hit the military-technical cooperation

According to Datamish, a platform that tracks statistics on BTC sell and buy positions on the Bitfinex exchange, traders liquidated over 950 BTC long Bitcoin positions on this trading floor on Sunday..

It is noteworthy that the situation developed in a similar way on many other exchanges. So, at the time of this writing, according to CryptoMeter.io, the size of liquidated longs on bitcoin on the BitMEX platform to $ 246 million.At the same time, in the segment of short positions, the same fate befell only orders in the amount of $ 3.6 million.

It can be assumed that such a massive and widespread closing of long positions in BTC triggered a rapid fall in the currency below the $ 9,000 mark..

In all likelihood, many players pinned too high hopes on the Bitcoin rally, which prompted them to overuse leveraged funds when opening longs on Bitcoin. However, the recent failure of the currency to consolidate the breakthrough of the psychological mark of $ 10,000 could play a cruel joke with such investors and take them by surprise..

Bitfinex CTO Paolo Ardoino also commented on this situation, complaining that the liquidation of margin positions hits the real value of the asset..

To the delight of Peter Schiff

Bitcoin Survives $ 1.3 Billion Position Liquidation

Unsurprisingly, the notorious bitcoin hater Peter Schiff could not ignore such a remarkable occasion. He immediately rushed to announce on Twitter that speculators began to get rid of bitcoins, unable even to endure the halving itself..

“It seems that some speculators could not even wait for the halving to start selling on facts. As the number of sellers grows, by the time of the halving itself, those who “bought on hearsay” hoping to cash out their profits later may end up with nothing. “.

However, this statement did not upset bitcoin enthusiasts in the least. As one Twitter user @blockandchain commented:

“Let’s thank him. He just announced a new bottom for bitcoin “.

In this case, she recalled an interesting phenomenon that participants in the crypto community noticed a phenomenon long ago. As history shows, Schiff’s dark prophecies regarding BTC, as a rule, not only do not come true, but are also a very reliable counter-indicator of the future dynamics of Bitcoin..

In any case, only a few hours remain before halving, and bitcoin will now remain the focus of close attention of both bitcoin enthusiasts and its opponents..

Bitcoin halving halving halving the number of new coins created and earned by miners. This happens approximately every four years and … More will provoke sharp and large-scale movements in the market? Share your opinion in the comments!

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Bitcoin Survives $ 1.3 Billion Position Liquidation
Bitcoin Survives $ 1.3 Billion Position Liquidation
Bitcoin Survives $ 1.3 Billion Position Liquidation

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