Crypto Market Rebound Liquidates $200 Million Worth of Short Positions

The crypto market saw a strong recovery in the last 24 hours as the overall market cap added nearly $90 billion. On Monday, the total market cap touched approximately $1.4 trillion.

According to the latest data published by crypto Analytics Analytics Analytics may be defined as the detection, analysis, and relay of consequential patterns in data. Analytics also seeks to explain or accurately reflect the relationship between data and effective decision making. In the trading space, analytics are applied in a predictive manner in an attempt to more accurately forecast the price. This predictive model of analytics generally involves the analysis of historical price patterns that are used in an attempt to determine certain price outcomes. Analyt Analytics may be defined as the detection, analysis, and relay of consequential patterns in data. Analytics also seeks to explain or accurately reflect the relationship between data and effective decision making. In the trading space, analytics are applied in a predictive manner in an attempt to more accurately forecast the price. This predictive model of analytics generally involves the analysis of historical price patterns that are used in an attempt to determine certain price outcomes. Analyt Read this Term firm, bybt.com, the latest surge in crypto assets has accelerated the liquidation of short trading positions across the crypto market. The data shows that nearly $218 million worth of short positions got liquidated within a single day.

Bitcoin (BTC) saw the liquidation of approximately $150 million worth of short positions. Ethereum, the world’s second most valuable crypto asset, remained the best-performing digital currency among the top 5 after ETH saw a jump of nearly 10% in the last 24 hours. Due to the latest spike, nearly $50 million worth of short Ethereum positions were liquidated within a single day.

Overall, more than 57,000 crypto trading positions were liquidated in the last 24 hours. The biggest liquidation happened on Bybit-BTC, with a total value of nearly $3.9 million.

Crypto Market Correction

For the last six weeks, the crypto market has been in a downtrend. The overall market cap of digital currencies has lost more than $1 trillion since 12 May 2021. Despite the latest jump in different crypto assets, traders remain uncertain about the future price action. According to the latest research note published by JPMorgan, the crypto market is healing but the overall situation is not looking healthy. Peter Schiff, the US-based economist, raised his concerns about the recent price action of Bitcoin and other Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term.

“Most of the Bitcoin buyers who bought the last dip below $30K will not buy the next. The main buyers will be those who took profits on the bounce. Therefore, the next dip will not enjoy nearly as much support. New buyers will likely show up at $20K, but fewer than did at $30K,” Schiff said in a recent tweet.