Crypto Space Experiencing A Steep DownFall, What Went Wrong

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The fresh trading day initiated with a narrow trend among the major crypto assets but was successful to maintain them above certain levels. BTC price maintained above $60,000 whereas ETH price above $4200. Shiba Inu price remained the show-stopper with more than 40% gains compared to the previous day. However, with the massive liquidations, the crypto space remained standstill and dumped with double-digit figures. 

Bitcoin short and long liquidations are part of everyday trade within the space. However, huge liquidations do impact the price to a large extent. According to the insights from ByBit, nearly $514.72 million long positions have been liquidated in the past couple of hours. 

Soon after the Bitcoin price slumped down below $59,000. It is assumed that whales may have hunted for stops and wiped out the leveraged traders. And moreover, as per some reports, nearly $130,000,000 of Ethereum was also liquidated on Bitfiniex. 

In an interesting update, the brain behind Yearn.Finance(YFI), Andre Cronje is reportedly liquidated more than $900 million. It included more of DeFi and FTM tokens. However, one of the analysts said to the tweet saying that ‘it’s mislabeled’.

However, the crypto space is still trembling down and struggling very hard to regain the lost levels. Yet, most of the assets are finding it difficult to get back on track as along with BTC price, Cardano(ADA) price has slipped below strong support levels at $1.9 and quickly ranged high. Therefore, the current bearish trend could sustain for a short while as the corrections are necessary for a healthy uptrend to prevail. 

Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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