Summary
TLDR: The cryptocurrency market experienced $315 million in liquidations due to recent volatility, with Bitcoin dropping to $50,670 before a slight recovery. Binance users suffered the most losses. Analysts warn of a potential 8% correction for Bitcoin if it fails to reclaim $52,000, but a blockchain analytics firm remains bullish on BTC hitting new all-time highs within six months due to various factors.
Key Points
1. The cryptocurrency market experienced a significant upheaval in leveraged positions, resulting in around $315 million in liquidations within the last 48 hours due to volatility in Bitcoin and altcoins.
2. Binance users suffered the most significant losses, accounting for approximately 50% of the total liquidations in the crypto market, with losses totaling $149.27 million.
3. Ali Martinez, BeInCrypto’s Global Head of News, cautioned that Bitcoin could face an 8% correction if it fails to reclaim the $52,000 level quickly, potentially dropping to the $48,000 to $46,500 range where substantial support exists.