As a seasoned cryptocurrency researcher with over a decade of experience in this dynamic industry, I have witnessed countless market fluctuations, from exhilarating highs to gut-wrenching lows. The recent Bitcoin (BTC) plunge below $50,000 was yet another reminder of the rollercoaster ride that cryptocurrencies can be.
The sudden drop of Bitcoin (BTC) below $50,000 led to a significant surge in trading action, marked by numerous large-scale liquidations. Notably, both futures and spot trading indicators reached unprecedented highs.
Bitcoin (BTC) hits records amid bloodbath
Bitcoin (BTC), the most significant digital currency, reached a record high in future trading volume as it dipped below $50,000. This information was posted by Ki Young Ju, the founder and CEO of CryptoQuant, an on-chain analysis team, to his 361,000 followers on social media platform X.
On the day when Bitcoin plummeted to $50,000, the frenzy in the market was palpable. The trading volume for futures contracts peaked at an all-time high (ATH) of a staggering $154 billion, and the spot trading volume reached $83 billion – just shy of our previous record. As a researcher observing this dynamic scene, it’s fascinating to see such volatility and intensity in the crypto market.
— Ki Young Ju (@ki_young_ju) August 8, 2024
On the days when the financial landscape appeared dire, the combined Bitcoin futures trading volume across major centralized exchanges soared to an astonishing $154 billion.
On a single day, the trading volume for Bitcoin (BTC) on prominent exchanges hit an impressive $83 billion – just shy of its all-time record.
During a conversation with his audience, Ki Young Ju brought up the point that the amount of liquidations wasn’t extremely large. According to CoinGlass, it peaked at $1.1 billion, which is significantly less than during the March 13 crash. It’s also worth noting that on Black Friday in 2020, liquidations were approximately double that figure, yet Bitcoin (BTC) was valued 16 times lower at the time.
It came as a shock that the crash on August 5, 2024, was particularly harsh for Bitcoin (BTC) skeptics. Individuals attempting to sell short the falling BTC incurred losses amounting nearly to $300 million.
Easiest comeback? Bitcoin (BTC) over $62,000 again
Previously reported by U.Today, the price of Bitcoin (BTC) dropped under $50,000 for the first time since February, due to escalating geopolitical issues, unstable USD/JPY exchange rates, and concerning economic indicators in the United States.
Despite the dip, Bitcoin (BTC) enthusiasts effortlessly purchased during this period, pushing the BTC price above $62,000 once more. As noted by several prominent analysts, it’s common for a Bitcoin (BTC) bull market to experience corrections ranging from 35% to 45%, which can be seen as healthy adjustments in each cycle.
Currently, the Bitcoin price has fallen back to around $60,500 across major trading platforms, as of the latest reporting. Over the past day, the Fear & Greed Index experienced a significant surge, reaching 48 out of 100, indicating a neutral sentiment among investors.
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2024-08-09 15:57