On one hand, Brandt expected that BTC price could plummet reasonably this season. In mid-June, the veteran trader cautioned that the cryptocurrency could slip to $48,000. He was quite certain that the dip could happen if Bitcoin fails to sustain critical support levels. Hence, a plunge below the $60,000 level might see Bitcoin fall to $48,000, Brandt shared on X. https://coingape.com/peter-brand ... n-mega-rally-ahead/
On Saturday, Schiff attributed the bitcoin decline partly to Mt. Gox repayment-related sales but argued that it also exposed “the myth of institutional demand.” He stated: “If such demand really did exist, buyers would jump at the chance to buy the Mt. Gox Bitcoin off market.”
Adding to investor worries, U.S. spot Bitcoin ETFs reported outflows of $20.45 million. Despite the overall market downturn, Bitcoin’s dominance increased by 0.80% compared to the previous day, suggesting even steeper price declines in the altcoin market. At present time the open interest of bitcoin has plummeted by 11.19% and now holds a valuation of $16 Billion. Bitcoin’s current market capitalization stands at $1.07 trillion.
The recent Bitcoin price crash has led to strong liquidations in the market. As per the data from Coinglass, nearly $300 million have been liquidated in the past 24 hours. Of these $255 million liquidations happened in BTC long positions and $37 million in BTC short positions.
Earlier today, the German government dumped an additional 1300 BTC to three crypto exchanges – Kraken, Coinbase, and Bitstamp. In the last 15 days, the government has dumped almost 9,641 Bitcoins bringing its total holdings to now at 40,359 BTC. This means that the government has eroded 18% of its Bitcoin holdings. https://coingape.com/tron-justin ... t-on-bitcoin-sales/
Furthermore, JPMorgan analysts have also weighed in on the potential impact of Mt. Gox creditors liquidating their bitcoin holdings. They anticipate that the sell-off could put pressure on bitcoin prices in the short term. In a recent research note, JPMorgan analysts stated, “Assuming most of the liquidations by Mt. Gox creditors take place in July, this creates a trajectory where crypto prices come under further pressure in July, but start rebounding from August onwards.” https://coingape.com/jpmorgan-co ... m-mt-gox-9b-payout/
In addition, the Head of Research at CryptoQuant Julio Moreno, has highlighted that Bitcoin miner capitulation has reached a 7.6% drawdown, similar to levels seen in December 2022 after the FTX collapse.
發表於 2024-5-14 20:11:03
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