A trader lost at least $9.91 million due to the liquidation he experienced on the Bitmex exchange. According to analysts, BTC could be bottoming out; some believe this decay would continue.
Altcoins usually follow the trend of the pioneering cryptocurrency and are also in the red. The fall of ether (ETH) and Binance Coin (BNB) is almost 8.5%, and they get located at USD 2,870 and USD 430, respectively.
Lower capitalization digital coins had a higher price decrease percentage. Cardano (ADA) experiences something like this, with its price circling 9% to touch USD 1.24. For its part, Solana (SOL) is trading at USD 123, which represents a reduction in its price of at least 9.8%.
USD 727 Million got Liquidated on Cryptocurrency Exchanges
Holders, investors who buy these coins as a long-term investment, may take comfort in the confidence that their holdings will appreciate in the future. Those who do not enjoy the falls are the ones who operate with leverage in bitcoin derivatives exchanges and other crypto activities.
The CoinGlass statistics site reports that in the last 24 hours, liquidations in exchanges exceeded USD 727 million, and in total, 189 thousand traders got liquidated. This website adds the most prominent liquidation on Bitmex, where an individual trader lost $9.91 million.
If users look only at the bitcoin derivatives market, they would see that the liquidations were around USD 2.49 million. This situation means that if the current price of the cryptocurrency gets considered, leveraged traders would have lost 63.84 BTC, which passed into the hands of exchanges.
The Drop of the Bitcoin Price
The big question for bitcoin investors and market analysts is whether this is the bottom of the decline or its continuity. Days ago, an analysis of professional trader Willy Woo got released. According to this analyst, bitcoin was about to reach the bottom but, it bounced back.
If Woo’s analysis is correct, perhaps this is a good time for those who can buy more BTC, waiting for the imminent increase in its price.
However, there are also no optimistic price predictions. According to the weekly report of the company Glassnode, the bears are at an advantage, and the downtrend would be more likely to continue.
Tenkan Trading had warned yesterday (when the price of BTC seemed to be heading higher) that the possibilities of a fall continued to exist.
According to this technical market analyst, it would not be impossible for BTC to return to prices that have not been seen for many months, for example, the area around USD 20,000.
By: Jenson Nuñez
