Bitcoin continues to decline as the largest cryptocurrency plunged more than 12% to the level of $34,000, at a time when global markets were shaken as the Federal Reserve plans to withdraw stimulus from the market, which led to suffering in the most risky assets around the world.
And “Bitcoin” was traded, yesterday, Saturday, at 34,040 dollars, and thus it has lost half its value since the November peak. Bitcoin’s decline since its peak has wiped out nearly $600 billion and lost more than $1 trillion in the value of the overall crypto market.
Hayden Hughes, chief executive officer of Alpha Impact in Singapore, said: “The margin positions being liquidated have caused a wave of additional selling pressure. The assets held as collateral were forcibly sold to pay for the margin loans.”
Other cryptocurrencies have suffered just as much, if not more, with ether and meme sinking into similar withdrawals.
Ether fell 12% Saturday, and Solana and Cordano each fell at least 17%.
“My expectation is that it will take some time for the bottom to form and for confidence to return, before any kind of upside is expected,” Hughes said. Analysts do not rule out a drop to 30 thousand dollars.
Friday’s drop led to the liquidation of more than $1.1 billion of cryptocurrency futures positions. Nearly 290,000 traders closed their positions over the 24 hours through Friday evening in New York. (agencies)
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