Bitcoin Drops By $2,000 In Minutes: Here Are Key Factors Of The Slip Below $59,000

Bitcoin Drops By $2,000 In Minutes: Here Are Key Factors Of The Slip Below $59,000
фото показано с : zycrypto.com

2021-10-27 14:32

The bitcoin price has dropped by almost $2,000 within five minutes from over $60,000 to the $58K level on October 27 in an abrupt market pullback.

Bitcoin Slump Wiped Out Over $500 Million

Following a recent run-up to all-time highs and a subsequent retesting of the $60,000 region, several pundits expected bitcoin to undergo a dramatic pullback. “$BTC estimated leverage ratio is about to hit a year-high. It seems obvious that the market is over-leveraged now. We’ll see some volatility shortly,” Ki-Young Ju, CEO of blockchain analytics firm CryptoQuant stated earlier.

Bitcoin is trading at $58,885.25 at the time of publication, representing a 6.33% drop on the day. Data provided by Bybt indicates that approximately $515 million in leveraged long positions were liquidated across several cryptocurrency exchanges.

BTCUSD Chart By TradingView

Analysts pinned the sudden losses to long-term investors taking some profits. Due to the intensity of the selling pressure, bitcoin broke below $59K with relative ease, leaving the flagship cryptocurrency vulnerable to a larger pullback. The drop comes less than a week since bitcoin set a new record near $67,000. 

According to Chinese journalist Collin Wu, the sell-off in the crypto markets comes on the back of a fall in the Asia-Pacific stock market as well as the U.S. stocks.

Analysts are now keen on the near-term price movement of bitcoin following the retracement today and whether the top crypto can resume its uptrend in the coming days.

Losses Everywhere… But The Shiba Inu Camp

As bitcoin suffered a minor price reversal, major cryptocurrencies that posted large gains in recent months such as Ethereum also demonstrated small losses. Ethereum, the world’s second-largest cryptocurrency, broke below $4,000 before bouncing back above the psychologically important level.  

Other top cryptos fell similar to Ethereum, but their losses were comparatively higher. Binance Coin, Solana, and XRP, for instance, plunged inside the range of 7-9% on the day. At the same time, Cardano’s ADA and Dogecoin (DOGE) dropped between 10-12%.

The only cryptocurrency in the green is Shiba Inu. The so-called Dogecoin killer raced to a fresh all-time high earlier today and bucked the overall crypto market trend with 23.87% gains on a 24-hour adjusted timeframe. SHIB has added 47% to its value this week alone as the token’s staunch army rallies to get zero-commission brokerage platform Robinhood to add it to its trading platform.

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bitcoin minutes following million out pullback slump

Источник: zycrypto.com

bitcoin minutes → Результатов: 126


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$230 million worth short positions liquidated in 15 minutes – says BitMEX CEO

On 19th July, during an interview with CNBC, the CEO of BitMEX, Arthur Hayes stated that there was a liquidation of approximately $230 million worth short positions. According to Hayes, the liquidation happened 15 minutes after Bitcoin [BTC]’s price pumped from $6800 to $7250 witnessing approximately $450 rise. He further adds that since BitMex is […]

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Bitcoin Price Chart Shows ‘Huge Bull Signal,’ Says Tom Lee

Fundstrat Global Advisors’ Managing Partner and Chief Analyst Tom Lee said that the current Bitcoin price is giving a “huge bull signal”. Tom Lee on Sudden Spike in Bitcoin Price After a week of trading in the range between $6150 and $6750, Bitcoin (BTC) broke out, surging past $7000 in roughly around five minutes July 17, reaching highs above $7500 on some exchanges.

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Breaking: Bitcoin [BTC] Surges 10% As Crypto Market Experiences Volume Influx

Bitcoin Moves From $6,800 to $7,400 Within 30 Minutes On early Tuesday morning, Bitcoin began a slow uptrend up to the heavily contested $6,800 price level. For those who are unaware, Bitcoin has tested the ~$6,800 level over three times in the past five weeks, leading many analysts to believe that it is an important […] The post Breaking: Bitcoin [BTC] Surges 10% As Crypto Market Experiences Volume Influx appeared first on Ethereum World News.

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In my last article I answered some of the questions I often hear from family or friends who want to buy Bitcoin for the first time. I also recommended what I think is the easiest way to get started, Coinbase.

Today let’s have a look at two of the most popular follow-up questions I receive, usually in the minutes immediately after the Bitcoin purchase goes through. How can I buy some other coins?While Bitcoin is by far the most well-known and desired cryptocurrency, there are many other coins, known as Altcoins, out there these days. Some

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