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The Volatile Cryptocurrency Market caused $500 million worth BTC liquidations

Bitcoin regains momentum, as Elon Musk says he talked to North American Bitcoin Miners

Market investors wait for the next cycle as crypto pullback saw a second consecutive day of losses.

After topping the charts at $61,742 on Saturday bitcoin plunges massively to $53,000 on Monday. In the last 24 hours the bitcoin market saw a pullback and when the price of bitcoin began to drop the futures markets picture was also getting worse.

Data from Bybt reported that a total of 234,300 traders were liquidated in a single day as the biggest Bitcoin liquidation order happened on Huobi.

According to glassnode, 

“In the last hour alone, nearly $500 million in Bitcoin longs got liquidated, this is a historic level. There is excess greed in the system, with 60% of contracts levered 20 times or more. Long liquidations are an artifact of the current bull market,” Jan & Yann, Co-Founders of Glassnode, mentioned on Twitter yesterday.

In the month of February the Greed was driving the prices up and it was a remarkable bull run but now it is cooling off and also having an impact on market sentiments suggests Fear and Greed Index. Even Ethereum saw the liquidation of nearly $250 million worth of long ETH positions.

Wall street might have some good news to share with the crypto investors.

The Dow Jones jumped by over 100 points and the S&P 500 Index also crawled to new highs, thanks to the finalising of the $1.9 trillion stimulus bill that’s steadied to spur consumer spending and accelerate economic growth.

Goldman Sachs launched the fiscal rescue package which would give the economy even greater momentum in 2021, estimating gross domestic product would expand by 6% in the first quarter.

For now the world’s biggest crypto currency saw a major pullback after reaching new highs. At the time of writing Bitcoins price is $56,074.82 with a 0.6% dip in the last 24 hours.

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