Cryptocurrency

The price of Bitcoin plummeted by more than 8%, nosediving from $43,810 to $40,272 in less than an hour.The shockwave resulted in a staggering $353.61 million in liquidated positions across the entire market spectrum, catching many bullish investors off guard.BTC to USD by Notably, 88.7% of the liquidated positions in alone were long positions, totaling almost $100 million in the past 12 hours.The crypto market, now more institutionalized than ever, reacts strongly to such decisions, often more profoundly than traditional financial markets under the Fed’s monetary policy.Source: The impending is expected to send crucial signals to market participants, offering insights into the economic landscape for the coming month. Of paramount importance is the question of how long the era of expensive money will persist and whether the “money printer,” which catalyzed the crypto market’s exponential growth two years ago, will be reignited.The last time the Federal Reserve made a similar decision on Nov. 1, experienced a 3% dip, followed by a robust 5.5% surge. Such market dynamics are not uncommon during these events, signaling an imminent shakeout. For inexperienced investors, the advice is clear: brace yourself for potential turbulence and consider sidelining on the decisive day in 48 hours.This article was originally published on U.Today More

He believes that Bitcoiners are “about to win,” naming an important factor to do with the social sentiment regarding the flagship cryptocurrency.Anyway, the conclusion he came to was bullish, and it goes like this: “Feels like we’re about to win.”As Bitcoin seems to have resumed ascending and recently recovered the $44,000 high, making it the highest peak this year so far, Mow began posting more comments on Bitcoin, its price action and market behavior than before. By now, BTC has suddenly dropped below $41,000.On Saturday, the influencer ironically tweeted that he is “bored” with Bitcoin hanging at $44,000, adding that he does not mind now since “s-coins” have been growing a lot, together with Bitcoin and “they need to cool off.”Among the reasons for such a massive Bitcoin price uptick, Mow named the demand shock meeting supply shock for BTC since institutional investors are trying to purchase all the BTC within their reach, and there is less and less BTC left on the market. Long-term holders will not sell their Bitcoin, and the upcoming halving event will cut the production of new BTC in half — slightly over 3 BTC compared to 6.25 BTC, which have been made since May 2020 when the previous halving took place.This article was originally published on U.Today More

Unsurprisingly, the comments that trailed the post show people are not as optimistic about Bitcoin as they are about XRP, the digital currency associated with Ripple Labs — where David Schwartz is a prominent member. While some of Schwartz’s followers resounded that they would smash Bitcoin, a good number said they would convert to XRP and HODL.Notably, social media is not a good indication of true investor behavior as many people’s comments are tailored to drive engagement where possible. The Bitcoin (BTC) opinion post came after a weekend of debate, in which the Ripple CTO defended Bitcoin’s honor against claims from comedian Owen Benjamin, who posited that the coin is a decentralized Ponzi scheme.Bitcoin remains the most established digital currency, and current indications point to the fact that more people are product to go all out on the asset.This thesis confirms Schwartz’s position and generally underscores the resolve of some of the biggest HODLers of the digital currency — especially MicroStrategy. The business intelligence and software firm has been buying Bitcoin since August 2020 and has stayed resolute against selling its stash, which has now .Like Ripple CTO Michael Saylor, the chairman of MicroStrategy is convinced that HODLing Bitcoin is the best bet for the long term.This article was originally published on U.Today More

The price chart of displays a stark long wick dipping down, an uncommon sight that indicates a violent shift in price over a very short period. This wick represents a severe, rapid price drop followed by an equally swift recovery, which often leads to a significant number of traders being caught off guard, with their positions liquidated as the market rapidly moves against them.So, what led to this dramatic movement?First, a liquidity crunch can precipitate such a situation. In a market where many traders are positioned on the long side, a sudden drive to sell can trigger a cascade of liquidations due to a lack of immediate buy orders at current or slightly lower levels, causing the price to plummet until it hits a level where liquidity is available.Second, a long squeeze may occur when the market is heavily biased toward long positions. If the market begins to turn, those with leveraged long positions may be forced to sell to cover their positions, thus amplifying the downward price pressure.The unexpected nature of this wick caught thousands of traders by surprise, resulting in massive losses for those with leveraged positions. However, the aftermath of the wick saw a spike in buying power, indicating that many investors saw this as a buying opportunity, thereby pushing the price back to a relatively stable zone.Ethereum is known for its volatility, but a wick of this magnitude is a rare occurrence even for a cryptocurrency market. Investors might consider staying less leveraged in order to safeguard themselves from such dramatic swings.This article was originally published on U.Today More

The broader market saw significant losses, with Dogecoin down by 1.10%, Litecoin by 4%, Ripple by 5.32%, and Solana by 1.40%. Despite this widespread downtrend, Helium posted significant gains, soaring by 18.62%. On the other hand, Flow suffered the most among top cryptocurrencies, dropping by 9.65%.Technical analysis indicated that Bitcoin faced resistance around the $44,700 level and may find potential support near $40,600 if the downward trend continues. Amidst these movements, the fear and greed index pointed towards extreme optimism among investors, registering a high of 80.In contrast to the general market slump, Avalanche stood out as an outlier today, with its price appreciating by about 7.57% to approximately $35 despite substantial liquidations reported over the weekend that exceeded $335 million.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

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The SIT, following a deeper examination of a chargesheet filed back in 2021, is now seeking to cancel Sriki’s bail. This decision comes after he admitted to bribing officials with cryptocurrency during his detention by the Bengaluru crime branch police. The inquiry is also revisiting interviews and details from a 2018 case that involved a crypto-linked dispute and political lineage.In an earlier development dated April 14, 2021, as Sriki was nearing release from the Bengaluru central prison, blockchain analysts alongside Whale Alert flagged suspicious Bitcoin transactions. These transactions were linked to the infamous Bitfinex exchange heist. Home Minister G Parameshwara referenced these findings while addressing past investigations related to BJP-led cover-ups. However, local Bengaluru police have denied any local connections to these transactions.The current focus of the SIT includes not only the chargesheet analysis but also allegations that emerged from Congress-initiated scrutiny which points towards systemic corruption involving high-profile individuals and crypto transactions. The outcomes of this investigation could have significant implications for all parties involved.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

The alert underscores the fragile state of Bitcoin’s current support level and the potential impact of market movements on investor positions. Data from CoinGlass has recently shown that $13.21 million in long positions have already been liquidated, which serves as a stark reminder of the crypto market’s volatility.Investors are now on high alert, watching Bitcoin’s price action closely. The possibility of such a substantial liquidation event has put additional pressure on traders to remain vigilant and well-informed as they navigate through potential price dips in an already unpredictable market.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More