Bitcoin Market Turbulence: Bulls Liquidated, Bears On Edge
The post Bitcoin Market Turbulence: Bulls Liquidated, Bears On Edge appeared on BitcoinEthereumNews.com.
Bitcoin’s recent downturn has left many bulls reeling. Data from @coinglass_com reveals that over $2.50 billion in leveraged long positions were liquidated as BTC fell below $63,000. A bunch of #Bitcoin bulls got rekt in this downswing. According to data from @coinglass_com, over $2.50 billion in leveraged long positions got liquidated as $BTC dipped below $63,000! Now, bears are getting cocky. But nearly $2.40 billion in leveraged short positions will be… pic.twitter.com/QHULbk8vWy — Ali (@ali_charts) August 1, 2024 This sharp decline has emboldened the bears, but they may be in for a surprise. If BTC rebounds to $70,440, nearly $2.40 billion in leveraged short positions could be wiped out. $BTC in the last 24 hours – Liquidation for the Entire Crypto Market? 😭 🧵 📌 After falling below $62,500, it is now trading at $64,800, with a dominance of 55.32%. The price has changed by +0.72% and trading volume has increased by +24%. More than 100,000 traders with ~$280M… pic.twitter.com/oW7lNzAoLR — iCrypto | Sentiment & On-chain Analysis (@iCryptoAI) August 2, 2024 Currently, Bitcoin is trading at $64,800, up 0.72% with a trading volume increase of 24%. Its market dominance stands at 55.32%. In total, more than 100,000 traders with approximately $280 million in positions have been liquidated during this downturn. MicroStrategy, the major Bitcoin holder, reported a loss for Q2, largely due to the drop in Bitcoin’s value. Despite this, their year-to-date profit on Bitcoin is 12.2%. The company plans to raise an additional $2 billion to increase its Bitcoin holdings. MicroStrategy announced that it holds a total of 226,500 bitcoins, with an average purchase price of $36,821, a purchase cost of $8.3 billion, and a current value of $14.4 billion. MicroStrategy will raise another $2 billion to buy more bitcoins. https://t.co/8ZKP7UJL4b.. — Wu Blockchain (@WuBlockchain) August 2, 2024 Block,…
Filed under: News - @ August 3, 2024 11:18 am