Crypto Market Experiences Fastest Dip in 4 Months, Did Excessive FOMO Fuel This Pullback?

2023-12-11 11:05

Crypto markets have undergone their fastest correction in 4 months, with total capitalization shedding nearly 5% over the past day. The decline has sparked some trader concerns amid growing fears of a global economic slowdown weighing on risky assets in 2023.

According to analytics provider Santiment, buy-the-dip calls are high, indicating a degree of overeagerness and FOMO that often surfaces at local price bottoms.

Source: Santiment – Start using it today

Moreover, cascading margin liquidations have accelerated the downward spiral. Data from Coinglass shows $408.88 million worth of positions have been force-closed over the past 24 hours amid swelling volatility.

In particular, a sharp leg lower over the past 45 minutes has liquidated around $150 million worth of leveraged bets. This massive wave of liquidations likely placed significant selling pressure on already shaky markets.

Read also:

Chainlink (LINK) Nears Make-or-Break Resistance Level Why Has Avalanche (AVAX) Pumped 300% in Two Months? Rebel Satoshi Demonstrates BIG Profit Potential: How Do Ethereum (ETH) and Avalanche (AVAX) Compare?

Ultimately, this week’s pending economic data and events may prove decisive for charting crypto’s next moves. But excessive leverage and eager dip-buying in the face of macro uncertainty could expose traders to further downside risk. Tighter risk management and prudent position sizing are warranted given the current conditions.

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The post Crypto Market Experiences Fastest Dip in 4 Months, Did Excessive FOMO Fuel This Pullback? appeared first on CaptainAltcoin.

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