Bitcoin

Bitcoin Drop Below $70K Triggers $400M Liquidations – All the Details

Published

8 months ago

9 June, 2024

Bitcoin Drop Below $70K Triggers $400M Liquidations – All the Details

Long liquidations were much larger than shorts after BTC fell below $70,000
Demand for the coin may decline as sentiment remains negative

The crypto market, led by Bitcoin [BTC], I witnessed a tough day at the office on June 7th as prices plummeted. At press time, BTC had lost 2.83% of its value in the last 24 hours, trading at $69,262.

As a result of the decline that would have been provoked according to US jobs data, the total market capitalization has fallen to $2.55 trillion. This was a 3.48% drop in a single 24-hour period. As expected, traders were also not immune to the effects of this update, according to data from Coinglass.

At the time of writing this article, the total value of settlements was US$410.42 million. Of this total, Bitcoin contracts represented US$70.73 million.

Source: Coinglass

Settlements change the point of view

Crypto liquidations occur when market conditions are unfavorable. Because of this, exchanges forcibly close the leveraged positions of traders who can no longer meet margin requirements.

Notably, most of the settlements that occurred within the deadline were long. For context, longs are traders who bet on a price increase. Therefore, it was evident that many traders were bullish on the price of Bitcoin since it began trading above $71,000 on June 7.

Furthermore, the fall in prices appeared to have affected sentiment across the market. Although the weighted sentiment was negative before the cascade of sell-offs, the reading fell further to -0.794.

This decline implied that most online conversations about Bitcoin leaned towards the bearish side. As such, demand for the coin may be sluggish, suggesting the price may move back down the charts.

Source: Santíment

If this is the case, the value of BTC could fall to $67,450. However, outside of on-chain activity, a key factor supporting a recovery is Bitcoin ETF total net flows.

Next week is crucial for BTC

For those unfamiliar, a Bitcoin ETF is a product that exposes investors to the price movement of the financial instrument. However, this does not mean that investors would directly own BTC.

According to crypto investment tracking tools, total net inflows on June 7 were $131 million. Giving details of the collapse, noted reporter Colin Wu,

“As of June 7, the total net flow of Bitcoin spot ETFs was $131 million. The Grayscale ETF GBTC had a single-day outflow of $36.3411 million, and the BlackRock IBIT ETF had a single-day inflow of $168 million. The total net asset value of Bitcoin spot ETFs is $61.104 billion.”

Source: Valor Sosó

Although the starters were a little lower than previous days, the fact that it was higher than the outflows suggested that BTC could escape a significant correction. If flows are greater by Monday, the price of Bitcoin could revisit US$71,000. Otherwise, the price may move sideways.

However, another thing that could affect Bitcoin next week is the FOMC meeting. FOMC stands for Federal Open Market Committee. The committee is responsible for determining monetary policy in the United States.

To read Bitcoins [BTC] Price prediction 2024-2025

The meeting usually stimulates volatility in the market and is scheduled for June 12th. If the agency reduces interest rates, BTC could see a increase in value amid high volatility. However, a higher rate could contribute to another decline in the crypto price.

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Bitcoin

What to watch for in the markets

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Photo: Andrew Harnik (Getty Images)

After witnessing one of the largest global IT outages on record, affecting the travel, finance and healthcare sectors worldwideThis week is set to see more political drama, events, and earnings reports from tech giants.

Donald Trump’s ‘Lovefest’ Sets Jamie Dimon Up for Consideration for Treasury Secretary Job

Let’s take a look at what awaits us:

Major companies will release their earnings reports

Major tech companies and others will release their earnings reports this week, paving the way for what the second half of 2024 will look like.

Monday

Verizon will report earnings before the start of operations.

Tuesday

Coca-Cola, Comcast and UPS are all set to report earnings before the market opens.
Tesla will report earnings in the morning, while General Motors will report earnings in the evening.
Alphabet and Visa will report results after the market closes.

Wednesday

AT&T will release its report before the market opens.
Ford and Chipotle will report earnings after the market closes.

Thursday

Earnings reports from AstraZeneca, American Airlines and Southwest Airlines will be released before the market opens.

Trump to speak at Bitcoin conference

Presumptive Republican presidential nominee Donald Trump will speak at the next Bitcoin Conference in Nashville, Tennesseewhich is scheduled for July 25-27. While this is the first time a presidential candidate will attend the conference, it has sparked a debate over whether the crypto-friendly Trump will receive support from the crypto community in the upcoming election.

In addition to Trump, independent presidential candidate Robert F. Kennedy Jr. will also discuss crypto during the conference. Crypto advocates such as ARK Investment’s Cathie Wood, MicroStrategy’s Michael Saylor, and whistleblower Edward Snowden are among some prominent names who will be participating in the conference.

Ether ETFs are on the way

New Ether Spot ETFs are set to begin trading on Tuesday, July 23. Much like the spot Bitcoin ETFs, these ETFs will allow investors to buy the second most popular cryptocurrency like stocks. BlackRock, Ark Invest/21Shares, VanEck, Grayscale, Fidelity, Bitwise, Franklin Templeton, and Invesco/Galaxy Digital are all set to offer Ether ETFs. Crypto asset manager Bitwise predict that trading in the Ether ETF will drive the price of Ether higher, potentially surpassing $5,000.

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Bitcoin

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Bitcoin miners and cryptocurrency companies that have been blocked from going public in the U.S. could ultimately be the biggest winners in the digital asset world under a second Donald Trump presidency. Foreign companies at risk of losing market share could end up being the biggest losers.

That’s the view that’s taking hold among market participants and observers in the wake of the former president’s growing embrace of cryptocurrency as his chances of election grow. survey released Thursday by CBS News showed Trump with the majority — 52 percent — of likely voters in his likely November rematch with President Joe Biden.

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Bitcoin

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Cryptocurrency investor Chris Burniske says Bitcoin (BTC), Ethereum (ETH), Solana (SUN) and the cryptocurrency market in general seem poised for a run.

Former Head of Cryptocurrency at ARK Invest account his 292,200 followers on social media platform X that several catalysts are aligning, suggesting that digital asset markets are on the verge of a bull run.

According to Burniske, a partner at venture capital firm Placeholder, the highly anticipated launch of Ethereum-based exchange-traded funds (ETFs), Republican presidential candidate Donald Trump speaking at an upcoming Bitcoin event, and the current state of the BTC, ETH, and SOL charts all suggest significant optimism for the cryptocurrency markets.

“With ETH ETFs set to go live, Trump speaking at The Bitcoin Conference, and BTC, ETH, and SOL charts looking [they do] (while stocks are weak), it’s hard to imagine a world where we don’t ship next week.”

Reuters recently reported that preliminary approval for ETH ETFs has been granted as the Bitcoin Conference is scheduled to take place from July 25-27.

BTC, ETH, and SOL are trading at $67,333, $3,528, and $174 at the time of writing, respectively.

The venture capitalist too provides an update on his prediction that the total crypto market cap will eventually hit $10 trillion. According to his chart, the path to $10 trillion is currently “23%” complete, as it sits around $2.2 trillion.

Source: Chris BurniskeX

Earlier this month, Burniske he said in an interview with Real Vision CEO Raoul Paul that he has his eye on the Move ecosystem, which was originally built by social media giant Meta and then used to develop layer 1 blockchains Sui (IUE) and Apts (APT).

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Bitcoin

Here’s the next target for BTC before bulls can hold out for $70K

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Here’s the next target for BTC before bulls can hold out for $70K

Bitcoin’s recovery is going well, and the market is seemingly poised to create a new all-time high in the near term.

Technical analysis

Per NegotiationRage

The daily chart

As the daily chart shows, the price of Bitcoin has been rising since it broke above the 200-day moving average.

The market has also reclaimed the $60K and $65K levels and is moving towards the $68K resistance zone, which could be the last hurdle before creating a new all-time high. With the RSI also indicating that the price has clear bullish momentum, it could be just a matter of time.

Source: TradingView

The 4-hour chart

Looking at the 4-hour chart, it is evident that the price has been rising rapidly since breaking the downtrend line to the upside. The market also broke the $65K resistance level with momentum, turning it into a support.

While almost everything points to a new record high in the coming weeks, there is one worrying sign. The RSI is showing a clear bearish divergence between recent price highs, which could indicate a correction or even a reversal in the near term.

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