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Home Markets Cryptos

Over 158K crypto traders lose all their funds as Bitcoin bows to strong dollar

...sudden drop in the price of many altcoins like Cardano, Solana, and XRP.

Olumide AdesinabyOlumide Adesina
1 year ago
in Cryptos
Crypto, Investors flock to US dollar, Gold, Bitcoin, as Global Stocks record heavy sell-offs, Twitter Poll: Bitcoin price expected to reach $100,000 by 2021, cybercriminals, What it will take Bitcoin to hit $100,000?
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Bitcoin and Ethereum prices have both broken their key support levels of $40K and 3K respectively, and investor sentiment is bearish.

There were 158,832 liquidations for the day, totalling $387.96 million. The largest single liquidation occurred on Okx, a BTC-USD-220930 transaction valued at $2.93 million.

The main driver of the round of liquidations, according to proponents, was a sharp selloff in the previous week, driven by a strong dollar that has reached new highs in two decades.

There was also a sudden drop in the price of many altcoins like Cardano, Solana, and XRP

As investors bet that the Federal Reserve’s interest rate increases will leave other central banks in its wake, the US dollar surged to its highest level in 20 years on Thursday.

Outlook

  • The dollar index, a measure of the strength of the US currency against a basket of developed world currencies including the euro, the yen, and the pound, climbed as much as 0.9% to just under 104.
  • Crypto analysts are now wondering if bitcoin price with the prevalent situation will reach the long-promised $100K level before the end of 2022.
  • Bitcoin has been steadily declining over the past few days. Both the 100-day and 50-day moving average lines became heavy resistance levels last week after the price was rejected at the 100-day moving average line twice.
  • Over the past week, the $40k level has also been working as a significant static resistance level. The price has been trading under the $40k level most of the time.
  • There has been a recent trajectory of lower highs and lows on the chart, indicating that the bearish trend will continue.
  • Currently, it appears the flagship crypto is targeting the $36K support area, which has held the price multiple times over the past year.
  • A break below it, however, may result in a rapid decline toward $30K demand.

Related

Tags: BitcoinsFeatured

Comments 6

  1. Hussaini Shehu says:
    May 1, 2022 at 9:52 am

    Regardless, is still good to stay bullish.

    Reply
  2. Orjiakor Chinyere says:
    May 1, 2022 at 11:36 am

    I know cryptocurrency is a good make money means but I abhor how volatile it is. In a day, all your funds might just go down the drain

    Reply
  3. Mahmud Abdulfatah Justice says:
    May 1, 2022 at 5:31 pm

    Shiba is taking over, that should be our focus now, how can it get $1000 in no time ,so that I can leave all traces of poverty behind

    Reply
    • Mahmud Abdulfatah Justice says:
      May 1, 2022 at 5:32 pm

      That is my concern right now

      Reply
  4. Solomon says:
    May 2, 2022 at 3:09 am

    In crypto trading, your total invested capital cannot be wiped out as presented above until the price of the crypto asset (e.g. Bitcoin, Doge, Ethereum etc) that you invested in reach 0 (zero). The current dip in the prices of various crypto assets is an opportunity to buy more crypto assets for bountiful returns/profit in the future. As for me, if I have money now I will buy more crypto assets. Thanks.

    Reply
    • Vox Sapiens says:
      May 2, 2022 at 7:28 am

      Your statement is only correct if your investment is not leveraged. Most people trading crypto are woefully over-leveraged.

      Reply

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