Connect with us
iubh
Advertisement
Alpha
Advertisement
Hotflex
Advertisement
Advertisement
UBA
Advertisement
Patricia
Advertisement
app

Cryptocurrency

Crypto: Investors get liquidated, lose $1.6 billion within a day

The mass liquidation of such crypto holdings occurred after the flagship crypto dipped from $38,300 to around $33,881 at press time.

Published

on

The prevailing high volatility at the crypto market led to heavy losses of crypto investors’ funds at the wrong side of the present trade, when roughly $1.6 billion worth of crypto positions evaporated into thin air within a day.

What you must know: The mass liquidation of such crypto holdings, according to data retrieved from Bybt, showed that such occurred after the flagship crypto, Bitcoin, dipped from $38,300 to around $33,881 at press time.

READ: Crypto investors lose $530 million within a day

  • Within a day, 240,250 traders were liquidated.
  • The largest single liquidation order happened on Huobi-BTC valued at $17.41 million.
  • The crypto market was valued at $994.9 billion, a 0.51% decrease over the last day.
  • The total crypto market volume over the last 24 hours is $229.62B, which makes a 45.77% increase.
  • The total volume in DeFi is currently $14.17 billion, 6.17% of the total crypto market 24-hour volume.
  • The volume of all stable coins is now $188.89B, which is 82.26% of the total crypto market 24-hour volume.
  • Bitcoin’s price is currently $33,881.85.
  • Bitcoin’s dominance is currently 63.31%, a decrease of 0.17% over the day.

READ: Robinhood restricts trading Dogecoin after gaining 1,000%

What this means: Record sell-offs have pushed Bitcoin’s year-to-date gains below 1%. The sell-off in the crypto market is likely due to widespread profit-taking by global investors, coupled with the dollar gaining grounds.

A few weeks ago, leading United Kingdom financial regulator, the Financial Conduct Authority, issued a piece of stern advice on crypto investments.

The statement highlighted the risks associated with investing in Bitcoin and other crypto-assets and warned the public that there were high chances that all their funds could be lost.

Hotflex
Sigma Pensions

READ: Elon Musk’s favourite crypto, Dogecoin, gains 635% within a day

“The FCA is aware that some firms are offering investments in crypto assets or lending or investments linked to crypto assets, that promise high returns.

“Investing in crypto assets, or investments and lending linked to them generally involves taking very high risks with investors’ money. If consumers invest in these types of products, they should be prepared to lose all their money,” said the FCA.

Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment trading. Message Olumide on Twitter @tokunboadesina. He is a Member of the Chartered Financial Analyst Society.

5 Comments

5 Comments

    Leave a Reply

    Your email address will not be published.

    This site uses Akismet to reduce spam. Learn how your comment data is processed.

    Cryptocurrency

    Unknown Bitcoin whale moves $714 million, Bitcoin stays above $60,000 mark

    The flagship crypto traded at $60,514.60 on the FTX exchange with a daily trading volume of $45.5 billion.

    Published

    on

    $700 million worth of Bitcoin moved by an unknown identity

    Bitcoin whales are moving the vastly used treasury crypto in large amounts amid price volatility and bullish rush, as Bitcoin bulls regain control above the $60, 000 mark.

    Data retrieved from BtcBlockBot an advanced crypto blockchain tracking and analytics firm, an anonymous cryptocurrency user revealed someone (possibly http://coinbase.com) moved 11,901 BTC $714 million in block 678,688.

    Whale alert! 🐋 Someone (possibly http://coinbase.com) moved 11,901 BTC $714 million in block 678,688

    READ: XRP surges by 150% in 7 days as Ripple posts early victories against SEC

    The tracker further disclosed that the whale may have come from the world’s pioneer crypto exchange, Coinbase.

    Nairametrics’ research has recently seen the surge in unknown crypto transactions involving Bitcoin, Ethereum, and other top crypto assets at levels not previously seen in the cryptoverse suggesting that more institutional players are getting into the game.

    At the time of writing, the flagship crypto traded at $60,514.60 on the FTX exchange with a daily trading volume of $45.5 billion. Bitcoin is down 0.04% for the day.

    Sigma Pensions

    READ: Why Bitcoin is still going up

    During bull trends in the cryptoverse, these large entities can take profit on their positions, especially if the futures market is overcrowded.

    Wealthy investors reducing their crypto exposure to rebalance their portfolios can cause high price swings in the market, especially when accompanied by cascading liquidations.

    However, recent data suggests otherwise as data retrieved from Glassnode points at entities holding more onto the world’s most popular crypto, rather than selling; as data shows Bitcoin balance on Crypto Exchanges just reached a 2-year low of 2,337,271.262 BTC.

    A previous 2-year low of 2,338,724.621 BTC was observed on 08 April 2021.

    Stanbic 728 x 90

    READ: FG moves to recover N5.2 trillion debt owed by firms, individuals

     

    Continue Reading

    Cryptocurrency

    XRP surges by 150% in 7 days as Ripple posts early victories against SEC

    This surge has pushed the fast-rising crypto into the top 5 cryptos by market value, behind only Bitcoin, Ethereum and Binance Coin.

    Published

    on

    XRP, Ripple's co-founder earned $411 million from selling XRP in 2020

    Amid the strong bullish rally at play in the cryptoverse, Ripple’s XRP looks to be leading the way with a push as it almost triples in value following a series of legal victories and social media rumours of relisting at some crypto exchanges like Coinbase.

    This surge has pushed the fast-rising crypto into the top 5 cryptos by market value, behind only Bitcoin, Ethereum and Binance Coin.

    At the time of writing this report, XRP traded at $1.47 with a daily trading volume of $29.3 billion. XRP is up 147% for the week with a current market value of about $67 billion.

    READ: Why this unknown crypto with over 600% gain in 3 months, might still explode

    The surge in this crypto asset is coming amid a lawsuit from the SEC which accused XRP’s $1.3 billion initial coin offering of being an “unregistered securities offering.” The allegation led most American crypto multiple exchanges to delist the crypto and XRP lost its place as the 3rd largest crypto by market value.

    That being said, crypto traders appear to be backing the crypto asset amid credible reports suggesting that Ripple lawyers have posted two victories in their legal tussle against the powerful American regulator, including gaining access to internal Securities Exchange Commission discussion history regarding crypto assets.

    READ: XRP stands firm, investors wait on Ripple’s legal outcome

    What this means

    Such access by Ripple’s lawyers to these records would offer them insights into why the Securities Exchange Commission has not deemed Bitcoin and Ethereum a security asset.

    Sigma Pensions

    Continue Reading

      





    Nairametrics | Company Earnings

    Access our Live Feed portal for the latest company earnings as they drop.