Continuing wave of selling in the market using leverage in the last 24 hours cryptocurrency led to approximately $149 million in liquidation for its investors.
$149 Million Lost in Cryptocurrency Market Liquidations
According to the data obtained, 58,200 investors were liquidated and long-term investors in most exchanges suffered losses.
early on Tuesday bitcoin and other cryptocurrencies rose before falling sharply.
The largest digital currency by market value at some point on Tuesday 7%rising more than 20,385 reached dollars. However, the gains were temporary and the declines continued until earlier today.
Bitcoin’s rise and fall has been driven by investors’ fears of inflation and recession, which have plagued asset markets of all kinds for months.
Investors also evaluated Fed Chairman Jerome Powell’s speech on crypto regulations.
In light of its limited impact on the real economy, decentralized finance (DeFi) regulation needs to be carefully pursued, according to Powell.
Bitcoin, which fell below the critical $ 20 thousand level again, caused a serious loss for short-term investors.
However, long-term investors remain adamant, emphasizing their reluctance to use their coins.
This shows that most of the fluctuations in the Bitcoin market are related to the short-term investor class.
If BTC price drops below the $17.5k level in June, strong support is likely to break through due to high supply intensity in the current consolidation zone.
*Not investment advice.
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