According to the prosecutors office, all six wanted individuals from Terraform Labs currently reside in Singapore. Manhunt Begins for Do Kwon The law is finally catching up with Do Kwon….
Ukraine government has seized and blocked the crypto wallets which were affiliated to raising funds for Russian military campaign. According to Security Service of Ukraine, a lot of foreign crypto companies helped Ukraine seize the funds. The agency at the moment is tracking the funds and also transferring them under the Ukrainian jurisdiction. It has […]
The recent crash in the crypto markets took everyone by surprise, especially Bitcoin. Many coins lost value drastically and very fast at that. Even the number one crypto Bitcoin took a big hit when investors kept selling out in panic. While many are hoping for a recovery, the storm is still rising. Also, many speculations abound in the market as investors are thrown in disarray. Related Reading | Bitcoin Exchange Outflows Suggest That Investors Are Starting To Accumulate With all the chaos, it’s no surprise that the co-founder of BitMex predicts both Bitcoin and Ethereum bottom levels. According to Hayes, Bitcoin will relax at $25,000-$27000, while Ethereum will remain at $1700-$1800. This is a far cry from what both cryptos were trading some months back. On his reasons for making the predictions, Hayes pointed out that the sale of 80,000 BTC done recently by Terra has reduced the frenzy to sell Bitcoin. Another reason for this set bottom is that BTC is lagging while stocks recover. Last week, while Wall Street saw some positives, Bitcoin went lower instead to $29,000+ from May 29 to May 30. On May 31 and June 1, the price went up to $31,000 but it’s now fluctuating between $29k – $30k At press time. The crypto market commenced a downward trend when the Federal Reserve announced increased taxes. While some investors were still undecided about selling or not, the market dived down to the worst as soon as the tax became effective. The incident caused panic selling, and many investors lost their investments. For instance, Bitcoin that reached the $40K resistance spiraled downwards and has lost at least 9.40% since then. Apart from the prices of crypto that fell, the global cryptocurrency market also decreased drastically. Is There Any Hope For Bitcoin and Ethereum Recovery? According to Hayes, no one can predict a recovery in the nearest future. The increase in rates by the Federal Reserve was to help the fight against inflation. Unfortunately, these conditions are still prevalent, and the rates are still there. So, the market is still not ready to move. Another reason for the downward trend that went out of control was short-term crypto investors. This group doesn’t believe in waiting it out until profitability returns. Related Reading | Bitcoin Rests Tentatively Above $31,000, Bull Rally Or Trap? They’re more willing to sell at a lower loss than hold their assets uncertainly for the future rally. Even with that, Hayes believes a recovery might come later. But if it must happen, many sellers have to exit their positions and grab some value. As for the time to expect the rally, Hayes hinted that it might happen when short-termers sell off their holdings. So, he advised that all investors remain patient and still hope that Ethereum might still hit the $10,000 predictions by the year’s end. Featured image from Pixabay, chart from TradingView.com
Bitcoin price has shattered $47,000 and has left in its wake the bloodbath that is short liquidations. These short traders that obviously expected the previous market trend of low momentum to continue have now incurred hundreds of millions of dollars in losses in the crypto market, and in a very short time too. The bloodbath has not eased up either since bitcoin is still firm in its recovery trend. Bitcoin Traders Get Rekt Bitcoin had been on a slow but steady recovery trend over the past week. However, the weekend would quickly put a stop to this slow trend as the digital asset had surged drastically on Sunday night. This trend continued into Monday, seeing the cryptocurrency break the $47,000 price level, setting a three-month high record for bitcoin. Related Reading | Bitcoin Retakes Robust Position As Price Nears $45,000 This increase in price had seen short traders liquidated almost immediately. These traders who had millions in the market riding on bitcoin continue to fall would see themselves lose millions before the trading market open on Monday. BTC liquidations reach $169 million | Source: Coinglass As usual, bitcoin led the pack in terms of liquidation losses. The digital asset saw tens of millions of shorts liquidated in just a matter of minutes following the price surge. In total, there have been more than $60 million in shorts liquidated in the past 12 hours as of the time of writing. On the 24-hour scale, the numbers are even grimmer given that more than $169 million in liquidations have been recorded. Liquidations Rock Crypto Market On a broader scale, a lot of crypto traders have been burned in just the last 24 hours ago. Most notable was when the price of bitcoin had successfully broken past $45,000. This point is where bears mounted significant resistance and it was expected it will fall once again from this point like it has the past three months. But traders would bear the brunt of this given that over $100 million in BTC and ETH shorts were liquidated in a mere five minutes after this. BTC surges past $47,000 | Source: BTCUSD on TradingView.com Data from Coinglass shows that over $187 worth of liquidations has been recorded in the crypto market in the last 12 hours. While more than $432 million in liquidations have happened in the last 24 hours. Naturally, Bitcoin and Ethereum make up the majority of these liquidations, almost rivaling each other. Related Reading | Here’s Why ADA Could Replicate Ethereum’s 2017 bullish break-out It also shows that a total of 78,079 traders have been liquidated in this one-day period. While Bitmex saw the largest single liquidation order which was valued at $10 million. Featured image from Futurity, charts from Coinglass and TradingView.com