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Bitcoin Plummets Under $60,000 Amidst Market Anxiety â Whatâs Next?
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Bitcoinâs Struggle in a Fearful Market
Bitcoin has once again slipped below the $60,000 mark, following a brief period of recovery last week. This downturn occurred just as the market was starting to regain hope for a rebound.
The current performance of Bitcoinâs price mirrors the existing sentiment in the crypto market. The Bitcoin/crypto fear and greed index has shifted from fear to extreme fear within the last day, leading to a withdrawal of liquidity from the cryptocurrency.
Concerns Over Global Economic State
Concerns about the global economic markets are growing, especially after the recent unwind of the Japanese Yen carry trade. Some analysts are worried about potential further economic fallout, coupled with increasing FUD regarding a possible recession.
From a liquidity perspective, Bitcoin could potentially be exposed to liquidations. Our analysis showed that âout of the moneyâ addresses peaked at 20.3% during the recent dip on 5th August. As of 11th August, the number of âout of the moneyâ addresses was 7.14 million.
Approximately 3.7 million addresses have injected liquidity into Bitcoin near recent lows. The recent surge that quickly drove BTC up may have stimulated more hype and a desire for leverage. BTCâs estimated leverage ratio saw a rise between 9th and 11th August.
The bullish expectations and leverage may have set the stage for another wave of liquidations. BTC net longs hit a peak at $53.92 million on 11th August, around the $61,129 price range. This was shortly before a strong bearish move that drove the price below $60,000.
#SEC #Btcoin #US #Crypto #Altcoin $BTC $ETH $SOL
30X Profit Expected from AIG Token: AI Games has launched its native token (AIG). 1 AIG Token Price Is $0.01 & Exchange Listing Price $0.30, Donât miss this opportunity; join the pre-sale at the official website (PlayAiGames.Online)
Bitcoinâs Struggle in a Fearful Market
Bitcoin has once again slipped below the $60,000 mark, following a brief period of recovery last week. This downturn occurred just as the market was starting to regain hope for a rebound.
The current performance of Bitcoinâs price mirrors the existing sentiment in the crypto market. The Bitcoin/crypto fear and greed index has shifted from fear to extreme fear within the last day, leading to a withdrawal of liquidity from the cryptocurrency.
Concerns Over Global Economic State
Concerns about the global economic markets are growing, especially after the recent unwind of the Japanese Yen carry trade. Some analysts are worried about potential further economic fallout, coupled with increasing FUD regarding a possible recession.
From a liquidity perspective, Bitcoin could potentially be exposed to liquidations. Our analysis showed that âout of the moneyâ addresses peaked at 20.3% during the recent dip on 5th August. As of 11th August, the number of âout of the moneyâ addresses was 7.14 million.
Approximately 3.7 million addresses have injected liquidity into Bitcoin near recent lows. The recent surge that quickly drove BTC up may have stimulated more hype and a desire for leverage. BTCâs estimated leverage ratio saw a rise between 9th and 11th August.
The bullish expectations and leverage may have set the stage for another wave of liquidations. BTC net longs hit a peak at $53.92 million on 11th August, around the $61,129 price range. This was shortly before a strong bearish move that drove the price below $60,000.
#SEC #Btcoin #US #Crypto #Altcoin $BTC $ETH $SOL
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Bitcoin ETF Approval Pushes Bitcoin to New Highs, Says LongHash Ventures Co-Founder
According to Foresight News, Emma Cui, the co-founder and executive partner of LongHash Ventures, spoke at the 2024 Hong Kong Web3 Carnival. During the 'East & West, Industry & Academia' roundtable discussion, she stated that the market is currently in the relatively early stages of a bull market. The approval of a Bitcoin spot ETF has pushed Bitcoin to new highs. However, many assets, including Ethereum, have not yet reached their previous peaks, indicating that the market still has room to rise further.
Cui also commented on Meme tokens, stating that while they are interesting, they have reached a stage of high manipulation. She emphasized the need for discernment in dealing with these tokens.
Cui also commented on Meme tokens, stating that while they are interesting, they have reached a stage of high manipulation. She emphasized the need for discernment in dealing with these tokens.
Donal trump Tell don't sell BTC
#BinanceBlockchainWeek #BTCâ #CryptoMarketMoves @Sony @Q8Three - ŰșۧŰČÙ @Binance Blog @Binance Academy @Betcoin #Btcoin
#BinanceBlockchainWeek #BTCâ #CryptoMarketMoves @Sony @Q8Three - ŰșۧŰČÙ @Binance Blog @Binance Academy @Betcoin #Btcoin