Crypto Liquidations in the last 2 hours cross $174 million; is it over for Bitcoin (BTC) bulls?
Bitcoin has officially entered into a bear market. Indicative of this is the massive crypto market liquidations that have been occurring over the last three days. In the last 24 hours, there has been over $900 million worth of crypto market liquidations according to data from crypto analytics platform Coinglass. Close to 80% of the liquidations resulted from traders in long positions getting wiped out.
Bitcoin liquidations have amounted to close to $500 million since Wednesday. The Bitcoin liquidations have been the result of the price of Bitcoin falling from its $46,000 price levels to below $42,000. Bitcoin price is currently at around $41,700, down 3.52% on the day.
Bitcoin market sentiment is now split between bulls and bears
Following the Bitcoin price drop and Bitcoin liquidations, market sentiments have become polarized. Some market observers have declared that Bitcoin is now officially in a bear market. One observer, KSICRYPTO, who previously called the price drop a bear trap has retraced and said that it is a full-out bear market.
Bitcoin investor and skeptic CryptoWhale, who has long been predicting a Bitcoin bear market in 2022 has reiterated that he is not surprised by the price drop. He maintains that Bitcoin has long been in a bubble that is propped up by fake money and fraud. He points out Tether, the issuer of the USDT stablecoin, to be behind this fraud and adds that Bitcoin has very low demand as the only people buying were retail investors that did not know better about the bubble.
Furthermore, he expects cryptocurrency exchanges to start acting up and going offline in an attempt to reduce trading and stop the price of Bitcoin from dropping lower. Despite this, this Bitcoin bear market will drag the price of Bitcoin to under $10,000 according to him.
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