Experienced Wall Street figure Tone Vays, known for his Bitcoin advocacy and YouTube vlogging, has decided to re-enter long trades with Bitcoin (often referred to as the ‘orange coin’). Interestingly, in an unusual development, Bitcoin’s performance over the past 24 hours has caused discomfort among both bullish and bearish investors.
Bitcoin (BTC) hits $100,000, Tone Vays is back to long
Cryptocurrency expert Tone Vays has re-entered the Bitcoin (BTC) market with a long position at its current price levels. In his recent update on platform X, he declared his return as Bitcoin (BTC) continues its effort to maintain its position above $100,000.
With the passing of the year, I’ve resumed my long-term investment in Bitcoin as of this afternoon, with its price approximately at 100k!
— Tone Vays (@ToneVays) January 7, 2025
In late November 2024, Ways decided to sell off all his Bitcoin (BTC) holdings that were long positions. He expressed doubts about Bitcoin’s (BTC) potential to surpass a six-digit value before the end of that year. Additionally, he questioned whether the “Buy The Dip” chance beneath $90,000 was genuine.
Following his earlier statement, the value of Bitcoin (BTC) soared to $108,000 on December 17 and didn’t dip below $90,000 again until then. On December 31, $92,500 marked the lowest point during the most recent correction in Bitcoin’s value.
Previously reported by U.Today, five years ago, Tone Vays accurately predicted the $3,200 Bitcoin crash on BitMEX on Black Friday, March 13, 2020. This marked the end of the 2018-2020 Crypto Winter.
Known for his vocal skepticism towards altcoins, yield farming, Bitcoin forks, Ripple, XRP, ICOs, among other things, Tone Vays is a former Vice President at JP Morgan Chase.
$212 million in liquidations hit crypto market, bulls and bears suffer equally
Concurrently, Bitcoin (BTC), the leading digital currency, is making efforts to establish itself firmly above the $100,000 threshold. In the recent 24-hour period, its market capitalization increased by 2%. At this moment in time, Bitcoin is being traded at approximately $100,547.
On shorter time scales, the price exhibited a classic Bart Simpson chart formation. This led to a significant increase in price from approximately $99,000 to $102,200, only to subsequently fall back to around $100,500.
Due to a large number of trades, these price changes have resulted in significant losses for both buyers (bulls) and sellers (bears). According to CoinGlass’s statistics, out of the $212 million worth of positions being liquidated in cryptocurrency, there were almost equal amounts ($106 million each) of short and long positions. This is unusual because it’s not common for these two types of positions to be so evenly balanced.
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2025-01-07 15:29