Countdown to Halving: Market Volatility Peaks
Flash Crash: Bitcoin Plummets, Liquidations Soar
Stablecoin Surge Signals Investor Confidence
Analyst Forecast: Bitcoin to Reach $80,000
As Bitcoin's price crashed by 5% to approximately $65,000 in a flash crash, nearly $1 billion in liquidations swept across the crypto market. Liquidation data from Coinglass reveals the severity of the market's bearish sentiment, with approximately $937 million wiped out from leveraged traders in the past 24 hours. Of this total, $824 million came from bullish positions.
Bitcoin's sudden plummet occurred within an hour during late trading hours in New York on April 12, catching traders off guard. The liquidations primarily affected Bitcoin and Ethereum, with approximately $186 million and $137 million lost, respectively, as Ethereum dropped from $3,553 to $3,226.
Despite the flash crash, there's a glimmer of hope in rising stablecoin inflows. KuCoin's recent report highlights the increased issuance of stablecoins, particularly USDT and USDC, indicating growing trader optimism leading up to the halving event. This surge in stablecoin activity reflects significant investor interest in crypto, particularly in Europe and the Americas. Historically, such spikes in stablecoin activity have preceded market rallies, often leading to new Bitcoin all-time highs.
Renowned crypto analyst Moustache offers a bullish perspective amidst the market turmoil. Citing the Mayer Multiple indicator, Moustache suggests a potential recovery on the horizon. According to his analysis, Bitcoin's proximity to the $69,000 resistance, coupled with pre-halving volatility, may signal an imminent upward trend. Moustache's insights hint at a possible rally to $80,000 in the near future. As the halving event looms closer, the crypto community eagerly awaits further developments in Bitcoin's price action.
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