The Bitcoin market is currently on edge as prominent analyst Crypto Rover warns of a potential liquidation event that could negatively affect the short holders. With Bitcoin trading within a significant consolidation phase, as revealed by Rover, analysis suggests that over $3 billion in short positions could face liquidation should Bitcoin climb back to a specific price mark. Related Reading: Bitcoin Bonanza Before The Halving? Analyst Sees Pre-Crash Buying Window Bitcoin Bears Beware Of This Price Range According to Rover, the crucial price mark, which is the $71,600 region, is where the $3 billion short liquidation would occur if Bitcoin reclaims it. Rover’s assessment is based on data gathered from CoinGlass, a renowned derivative market tracker, indicating a substantial liquidity accumulation at higher price levels. The recent warning from Crypto Rover comes amidst a period of turbulence in the crypto market, marked by sharp price movements and heightened trading activity. Particularly, Bitcoin experienced a sudden decline over the weekend, bringing its price to as low as $62,000 in the zone. However, in the early hours of Monday, the asset showed signs of recovery, briefly reaching a high of $66,797 before retracing to its current price of $64,711. The market downturn over the weekend witnessed a record number of liquidations, with over $1.2 billion in Bitcoin long positions liquidated in a single day, according to WhaleWire. JUST IN: Over $1.2 Billion in #Bitcoin longs have been liquidated over the last 24 hours, amid market decline, setting a new record. The previous record was $879M. Today, more Bitcoin bulls have been liquidated than on any day in the last 15 years. Another reason why buying up… pic.twitter.com/itnwb7rj1d — WhaleWire (@WhaleWire) April 13, 2024 The liquidation hasn’t stopped, as the latest data from Coinglass reveals that in the past 24 hours alone, 89,151 traders have been liquidated, resulting in a total loss of $266.10 million. Analyst Insights And Market Dynamics It is worth noting that Bitcoin’s recorded slight recovery comes as Hong Kong regulators granted provisional approval for asset managers to launch spot Bitcoin and Ethereum exchange-traded funds (ETFs). Crypto analyst Willy Woo has shared his perspective on the potential impact of Bitcoin exchange-traded funds (ETFs) on market dynamics. According to Woo, introducing the new Bitcoin ETFs could lead to significant price targets, with projections ranging from $91,000 at the bear market bottom to $650,000 at the bull market top. The new #Bitcoin ETFs brings price targets of $91k at the bear market bottom and $650k at the bull market top once ETF investors have fully deployed according to asset manager recommendations***. These are very conservative numbers. #Bitcoin will beat gold cap when ETFs have… — Willy Woo (@woonomic) April 15, 2024 Woo’s analysis underscores the growing institutional interest in BTC, with asset managers expected to allocate a substantial portion of their funds to the cryptocurrency. Related Reading: The Ultra Wealthy Are Investing Big Time In Bitcoin, Barbara Goldstein Reveals However, Woo emphasizes that these projections are conservative estimates, and Bitcoin’s market capitalization could exceed gold as more capital is deployed into the asset. Featured image from Unsplash, Chart from TradingView
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Memecoins Jump 8% as US Inflation Falls
Memecoins are surging with intra-day trading sparking a rally in several assets as the United States inflation falls. The Consumer Price Index data which saw monthly inflation figures drop to 0.3% has occasioned a boost in crypto prices. This means that core inflation is down to 2021 levels signalling potential interest rate cuts. The stock The post Memecoins Jump 8% as US Inflation Falls appeared first on CoinGape .
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Bitcoin Soaring Toward $84,000: Insights From Glassnode Co-Founders
In a remarkable turn of events, Bitcoin (BTC) has broken out of its recent trading range, recording a 7% surge in the past 24 hours alone. The cryptocurrency tests the $66,000 resistance level, setting the stage for a potential move toward higher targets. The latest momentum shift in Bitcoin’s price action has caught the attention of industry experts, particularly the co-founders of on-chain analytics firm Glassnode. According to their analysis, the trigger for a larger market structure release has been in the works since the March highs. Bitcoin Breaks Out The co-founders of Glassnode believe this breakout has been coming for a long time. They state that they have been waiting for the trigger to unleash a major bullish structure since the March highs when Bitcoin reached its current all-time high (ATH) of $73,700, and it looks like the market has finally done so. Related Reading: Analyst Predicts Shiba Inu to Soar 50% Amidst Meme Coin Market Rise They believe the trigger was the recent lower-than-expected US inflation figures and weaker retail sales data, which could prompt a more “dovish stance” from the Federal Reserve. According to the Glassnode co-founders, this opens the door to a more dovish stance from the Fed. They explain that Bitcoin and the market liked this, and now they expect the price to reach $66,000 before $69,000 and then up towards $84,000. They also believe the altcoins will follow this move strongly. However, not all analysts are as bullish in the immediate term. Crypto trader and analyst Justin Bennett suggests that Bitcoin needs to hold the $65,000 level as new support, cautioning that the $68,000 and $73,000 price levels could act as resistance and liquidity pockets. He warns that if Bitcoin loses the $65,000 support, it’s back to the “chopfest” – further consolidation and volatility. Andrew Tate Considers Dumping Fiat For BTC In a surprising move, popular internet personality and self-proclaimed “Top G” Andrew Tate has announced his intention to abandon fiat currency and invest over $100 million into Bitcoin. In a post on social media platform X, formerly known as Twitter, Tate declared, “I’m about to leave fiat completely and ape over 100M into BTC.” Tate, who has faced numerous legal issues and has been banned from several social media platforms, cited his frustrations with the traditional banking system and fiat currency as the driving force behind this potential decision. “I’m done with the banks. I’m done with their money. Done with the scams,” he wrote in the post. Related Reading: Ethereum Bull Flag Breakout: ATH On The Horizon As Major Metrics Turn Bullish In a follow-up post, Tate acknowledged that he has not finalized this decision, as he currently holds more cryptocurrency than fiat currency in his portfolio. However, he hinted that he might “leave fiat completely,” suggesting that his preference for Bitcoin and other digital assets is growing. As of press time, Bitcoin is testing the $65,900 mark, having regained its bullish momentum. It remains to be seen how far the current rally can extend and whether the bullish momentum can survive potential selling pressure at higher price levels. Featured image from Shutterstock, chart from TradingView.com
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Gambled Away? Solana’s Cypher Protocol Dev Confesses Stealing $300,000
The Solana-based Cypher Protocol is again in the negative spotlight after one of its core developers admitted to stealing and losing over $300,000 of users’ funds. Another of the project’s developers first unveiled the news and also alerted law enforcement. Related Reading: Solana Price Prediction – Could Solana Regain Bullish Momentum And Push To $200?
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