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Cryptocurrency

Panic in crypto market as over $140 billion got wiped off

Over $140 billion in value evaporated into thin air, as Bitcoin also lost as much as $7,000, according to data retrieved from Coin360.

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The crypto market recently lost much of its weekend’s stellar gains, as significant selling pressure pushed the value of crypto assets lower across the market spectrum, amid record sell-offs and sudden panic among retail and institutional traders.

At press time, over $140 billion in value evaporated into thin air, taking into consideration the world’s most popular crypto, Bitcoin, the dominant player in the crypto market, lost as much as $7,000, according to data retrieved from Coin360.

The global crypto market value is $1.57 trillion, an 8.98% decrease over the last day.

READ: Motley Fool reveals plan to buy $5 million worth of Bitcoin

The total crypto market volume over the last 24 hours is $232.12 billion, which makes a 63.54% increase.

  • The total volume in DeFi is currently $21.16 billion, 9.12% of the total crypto market daily volume.
  • The volume of all stable coins is now $185.65 billion, which is 79.98% of the total crypto market 24-hour volume.
  • Bitcoin’s price is currently $52,260.20.
  • Bitcoin’s dominance is currently 61.56%, a decrease of 0.03% over the day.
  • For the day, 426,586 trades were liquidated.
  • The largest single liquidation order happened on Huobi-BTC valued at $20.66 million.

Other leading crypto assets that include Ethereum, Litcoin, Chainlink, Binance coin and Stellar lost more than 8% in value.

READ: Bitcoin joins the trillion-dollar club with Apple, Saudi Aramco and Google

Despite the expected market correction ongoing in the crypto community, some crypto traders remain upbeat that cryptocurrencies are fast emerging as a hedge for risks such as faster fiat inflation, and set to win more attention from the corporate world.

However, crypto pundits anonymously interviewed by Nairametrics are saying that a market correction was long overdue after the sudden bullish move. The bearish trend prevailing at the bitcoin market is largely attributed to a significant amount of profit-taking in play, on the account that Bitcoin’s realized profits are at record highs.

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

2 Comments

2 Comments

  1. Vincent

    February 23, 2021 at 9:27 am

    Nice one keep me posted

  2. Anonymous

    February 24, 2021 at 12:39 pm

    Considering how deep the crypto ocean is by now, for me I will say it normal to see this kind of relapse from a very bullish trend. Just like it happened before. As I type this the bounce at 46049.2 for $BTC is already taking shape for another bullish run.
    The deep buyers are about smiling…

    A happy lose is better, use stop loss…

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Cryptocurrency

Google adds Bitcoin, Ethereum, Litecoin on its finance platform

Google has added selected cryptos to its finance platform.

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Google building its own debit card, Google’s advertising business faces breakup, Google supports media firms in Nigeria, others with $39.5 million

Google, the world’s most powerful and valuable search engine, recently added selected cryptos to its finance platform.

Alongside leading financial markets, particularly in emerged markets, the trillion-dollar company added a “Crypto” section thereby giving Bitcoin, Ethereum, Litecoin, Bitcoin Cash more limelight.

This comes as no surprise to many market watchers, as the leading tech brand incorporating cryptos on its finance page follows a long wave in mainstream approval over the past months.

There is no doubt, 2021 continues to shape up as a very exciting year for crypto assets relatively.

The flagship crypto has gotten more credibility in recent days from blue-chip companies like Mastercard and America’s oldest bank, BNY Mellon showing support for Bitcoin.

Mastercard had earlier disclosed it would open up its network to some cryptocurrencies including Bitcoin.

PayPal and the world’s largest asset fund manager BlackRock have also made big moves to support crypto.

Investments from Square, Paul Tudor Jones, MassMutual, and SkyBridge Capital are further indisputable evidence of big money investors in the flagship crypto market.

Recall some months ago, as the fastest ever-changing financial asset continued to gain traction, renowned financial data media company, Bloomberg Intelligence, gave critical insights on why bitcoin, in just about five years’ time, could hit a valuation of $100,000.

“Bitcoin’s foundation is firming for further price advances if its history is a guide. Since initially reaching $10,000 in 2017, the benchmark crypto corrected about 70% and remains in an extended period of consolidation around that level.”

“It would be recalled that in 2013, Bitcoin was trading barely at a price of about a thousand dollars. It corrected about 80% and consolidated in 2017, after initially reaching $1,000, it added a zero.

“Considering normal maturation, about double the time frame from $1,000 to $10,000 would come in around 2025, for Bitcoin to potentially add another zero.”

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Cryptocurrency

Unknown whale moves $342 million worth of Bitcoin

an unknown BTC whale moved 7,215 BTC (342,066,420 USD) transferred from an Unknown wallet to an unknown wallet

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whale

A significant number of wealthy investors have increased their transactional volume lately in Bitcoin’s market amid rising price volatility in the ever-changing crypto-verse.

Data obtained from Whale Alert, a crypto analytic tracker, revealed that an unknown BTC whale transferred 7,215 BTC (342,066,420 USD) from an unknown wallet to another unknown wallet, some hours ago.

Active crypto-traders and powerful investors seem to now be using the flagship crypto asset of late as a form of treasury asset. Though it’s often challenging to anticipate market movements in the ever-changing crypto market, Bitcoin whales have shown historically that they often determine the BTC trend.

At the time of writing this report, the flagship crypto traded at $47,834.54 USD with a daily trading volume of $47 billion. Bitcoin is down 1.81% for the day.

However, it’s important to note that the market liquidity is tightening at the flagship crypto market, as there are less than 4 million BTCs in circulation available for upcoming investors including the likes of Grayscale, Paypal, and hedge funds.

Recent reports reveal that MicroStrategy Inc. recently bought more Bitcoin to raise the enterprise-software firm’s holdings to more than $4.3 billion.

  • It’s critical to note that just 21 million Bitcoins are ever going to be produced in total, and presently, there are about 18.9 million Bitcoins in circulation.
  • This shows a differential of about 2.1 million Bitcoins left to be produced, not forgetting about 4.5 million Bitcoin that have already been lost forever.

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