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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

More Than $1 Billion In Crypto Positions Liquidated In Overnight Bloodbath

Best Owie
Best Owie
1 year ago
3 mins read
Bitcoins in front of a red downward chart

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More than $1 billion in crypto positions was liquidated last night which has led to a plunge in the market. Bitcoin price currently sits at a little above $32k, losing nine percent of its value. While Ethereum’s price currently sits at 2$k. Losing 10 percent of its value overnight.

Twitter user Lex Moskovski tweeted a picture showing the massive liquidations that took place across nine major digital currencies. Showing that approximately $1 billion had been liquidated across 153,000 accounts in 24 hours. Bitcoin made up for over half of the liquidation with $572.94 million being liquidated. This amounted to the tune of 17,390 bitcoins being sold off and liquidated.

Related Reading | Ethereum to $20,000? Factors Behind The Bold Call

This has sent the market into a downward frenzy as most digital currencies are now down. The charts are filled with red numbers as the market reacts to this massive sell-off.

Lex Moskovski is the CEO of Moskovski Capital.

Are We Heading Into Bear Market?

With prices being down so much and not any sign of going up soon, the market might be headed for another bear market. The hash rate is down significantly since the closure of mining farms in China. China has banned cryptocurrencies from its financial institutions. It is not a stretch to think that the market might be headed for a bear.

Bitcoin is currently 50 percent down from its all-time high. The coin peaked at a little over $64k and it now sits at $32k.

Massive sell-offs like these are usually characteristic of a coming bear market. After the big crypto boom of 2018, there was a massive sell-off that sent the market crashing down.

Bitcoin price chart on TradingView.com

Bitcoin price crashed after massive sell-off | Source: BTCUSD on TradingView.com

Sell-offs like these usually induce panic in the market. This is when people get scared and start dumping their coins. Regardless of whether they’re making profits or losses. They just don’t want to get caught when the market dumps much further. And so the cycle continues. More people sell, more people panic and they sell.

At the time of writing this article, the charts do look to be recovering. But this does not necessarily mean that we’re headed for a total recovery. As of this point, it is just a waiting game.

Crypto mining facilities are still trying to get set up in other places. Institutional investors do not seem to have lost faith in the market yet. There are still a lot of institutional investors who are still invested in the market and are not liquidating their coins.

Is There Going To Be A Crypto Market Recovery?

As always, there is no telling what will happen in the market. Right now, there are a lot of speculations that the liquidations are due to leveraged positions. A lot of traders are still very optimistic regarding the market. Believing that this is just the market cleaning itself up.

Related Reading | Will A Large Spike In Bullish Sentiment Translate To A Bitcoin Rally?

It is not unusual for markets to dump during the weekend but then pick up during the week. Trading levels are usually low during the weekend as this is when people rest. Not a lot of people are monitoring their assets at this time. This means that trade levels usually fall on weekends.

But then numbers tend to pick back up when people resume during the week. People are back at work and are checking the markets. Financial markets reopen and decisions are made as to where to put money.

With MicroStrategy holding $500 million that it intends to buy Bitcoin with, it could be the boost the market needs when the coins are finally bought.

Featured image from India Today, chart from TradingView.com
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Best Owie
Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality.

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Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best’s publications, which are always clear and concise, enabling easy reading and understanding for all.

Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best’s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community.

Best’s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information.

Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity.

When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world’s most quiet and well-behaved Husky. Best’s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well.

As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers.

Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best’s prolific career in the media industry is a testament of how hard work and dedication pays.

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