Cryptocurrency
Bitcoin’s bloodbath leads crypto market drop by $120 billion
The global crypto market cap is $1.41 trillion, an 8.23% decrease over the last day.
The bearish grip in the crypto market has led to heavy losses of crypto investors’ funds at the wrong side of the current trade, as roughly $120 billion worth of crypto assets evaporated into thin air within a day.
The flagship crypto that surged to a record price level of over $58,000 last weekend has now depreciated by over $11,000, as the present price shows that it trades around the $46,800 price level.
The global crypto market cap is $1.41 trillion, an 8.23% decrease over the last day.
- The total crypto market volume over the last 24 hours is $151.74 billion, which makes an 8.97% decrease.
- The total volume in DeFi is currently $13.96 billion, 9.20% of the total crypto market daily volume.
- The volume of all stable coins is now $123.76 billion, which is 81.56% of the total crypto market daily hour volume.
- Bitcoin’s price is currently $46,765.78.
- Bitcoin’s dominance is currently 61.63%, an increase of 0.10% over the day.
- For the day, 130,475 traders were liquidated.
- The largest single liquidation order happened on Binance-BTC valued at $3.56 million
READ: Investors get burnt, lose $1.6 billion in crypto within a day
Other leading crypto assets that include Ethereum, XRP, Litcoin, Chainlink, Binance coin, and Stellar lost more than 9% in value at the time of writing this report.
In addition, recent data suggest that the world’s biggest digital asset manager has seen its $32 billion Grayscale Bitcoin Trust (ticker GBTC) plunge by 20% this week alone, according to Bloomberg News, outpacing a 13% decline seen in the price of Bitcoin lately.
This suggests that after lots of money was poured into GBTC, as institutional investors sought exposure to Bitcoin’s dizzying rally, investors are now taking their exits as the current bullish rally seems to have stalled.
READ: Red Monday: Investors lose $2 billion trading crypto
Sell-off in the crypto market is likely due to widespread profit-taking by global investors, coupled with strong anxiety that leading financial regulators might clamp down on its reach.
Some 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.
READ: Cryptos likely to gain at least 1000% very soon
“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.
That said, a significant number of crypto investors appear to be shrugging off the huge falls as another typical bump on the crypto path, and one which, no doubt, will likely see crypto trading volume return as crypto investors look to buy what many are viewing as a bargain to buy in what is still very much a bullish run.
Cryptocurrency
Bitcoin is on fire, breaks above all-time high
The flagship crypto traded at $62,645.26 with a daily trading volume of about $60 billion.
Bitcoin prices ascended to a record high on Tuesday, hitting another milestone at above $62,000, a move that many reaffirm to be a bullish trend in the cryptoverse and one that can make other digital assets surge.
At the time of writing this report, the flagship crypto traded at $62,645.26 with a daily trading volume of about $60 billion. Bitcoin is up 2.99% for the day. The world’s most popular crypto now has a market value of about $1.17 trillion.
Adding credence to the strong bullish run in play is data retrieved from Glassnode pointing to the fact that holders of the flagship crypto are selling less, as Bitcoin deposits on exchanges hit a 30-day low.
BTC Number of Exchange Deposits (7d MA) just reached a 1-month low of 2,837.702.
READ: Why Bitcoin might likely hit $100,000 soon
📉 #Bitcoin $BTC Number of Exchange Deposits (7d MA) just reached a 1-month low of 2,837.702
View metric:https://t.co/v3uKq4dCjX pic.twitter.com/MTLDQeL5Oj
— glassnode alerts (@glassnodealerts) April 13, 2021
READ: Bitcoin produces 4 billionaires worth at least $3 billion each
More details later…
Cryptocurrency
Why Bitcoin might likely hit $100,000 soon
The 12-month BTC price forecast was more evenly distributed, though a majority of respondents see prices above $50,000.
From late February to the end of March, currency.com conducted a survey among its users to get their take on Bitcoin, which has skyrocketed about 1500% from where it was a year ago.
The Crypto exchange surveyed 1,572 respondents on their exposure, perspective, and outlook of digital assets. The crypto-asset platform revealed that about 20% of its customers expect the price of Bitcoin to hit at least $100,000 or above in the next 12 months. 54% of the respondents predict the price of the world’s most popular cryptocurrency will hover at $50,000-$100,000 in the same period.
The survey also revealed that 2% of customers indicated that they already have $1 million or more stashed in Bitcoin. However, nearly 27.2% were sceptical about whether they can achieve this goal.
READ: 1 Bitcoin will buy you a house in Nigeria’s rich suburb
The 12-month BTC price forecast was more evenly distributed, though a majority of respondents see prices above $50,000.
Specifically, 40% keep in their portfolio not only Bitcoin, which makes up about 50% of the entire crypto market, but also altcoins.
READ: Ripple scores early legal victory, XRP breaks above $1 for first time in 3 years
When asked whether the firm believes the price prediction is accurate, Currency.com’s head of strategy, Vitaly Kedyk, said:
“Over the course of 2020, we have seen interest in crypto gain mainstream attention and validation following take-up by large institutional investors. We expect this trend to continue in 2021 with greater diversification across altcoins.”
READ: Meet the billionaire twins who bought $10m worth of Bitcoin when it still sold for $8
Bitcoin believers already say that the biggest cryptocurrency has shifted from the fringes of retail speculation towards embrace by major investors. The total market capitalization of cryptocurrencies tops $2 trillion, mostly spurred by rising institutional demand. Bitcoin’s market cap makes up more than half of that figure and it is now worth more than $1 trillion.
That being said, a significant number of its users are also diversifying their holdings in the exchange beyond investing in crypto, into traditional financial assets like equities, indices, and commodities with a token that mirrors the value of each asset.
