dropped more than 4% to $66,475, according to Coin Metrics, extending a decline that began Friday, when bitcoin retreated from the $70,000 level.Bitcoin losses may have been triggered by a wave of long liquidations, which forces traders to sell their assets at market price to settle their debts. In the past 24 hours, $56 million in long bitcoin liquidations have occurred across centralized exchanges, according to CoinGlass.
"One look at options positioning shows long-term expectations are for a rally," he added. "For now though, we may continue to see volatility until there is a clearer picture of the Fed's plans for the remainder of the year." Lipiński also said the sell-offs on Tuesday and last Friday are further evidence of the ongoing "malaise" in the market.
"Despite spot ETH ETFs seemingly being on the verge of coming to the market in the U.S., there has been no real catalyst to drive prices higher," he said. "Underlying fundamentals are strong for bitcoin, with supply being hoarded by ETFs, but sentiment has yet to catch up."Here’s how Coinbase would benefit from U.S. ether ETFs if approved, according to JMP
Coin Coin Latest News, Coin Coin Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: TheBlock__ - 🏆 464. / 53 Read more »