Around 230,000 Bitcoin, worth $5.5 billion has been liquidated by large institutions since May 10, says Arcane Research. Most of the forced selling is likely over.
took place at the Canadian Purpose Bitcoin exchange-traded fund in late June, “creating further fire sale pressure in the market.” That redemption accounted for 51% of that ETF’s holdings.Despite the crypto markets seeing tremendous sell pressure from institutions in recent months, the Bitcoin market remains remarkably resilient.
Trading volumes have also remained higher through the 2022 market downturn compared to the peak of the 2017 bull market.
He told Cointelegraph on July 21 that “those liquidations pushed Bitcoin price below the fundamental equilibrium price,” leading him to believe that prices will return “to $30,000 in the next few months.”Kim added that it will take time for retail investors to regain their confidence in crypto after what they endured over the past few months and that institutional investments will rise again.
“I think the retail sentiment is completely broken, so it will take some time before we restore confidence in the market. But there will be some reversal by the end of this year counteracting the liquidations.”“I tend to lean in favor of forced selling and contagion-related uncertainty being done for now. We will likely slump, pump, and dump in choppy conditions in the coming period.”
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
Deal for $5.5B Hyundai plant in Georgia nears final approvalThe local economic development agency that worked with Georgia officials in recruiting Hyundai Motor Group to build a $5.5 billion electric car plant near Savannah approved its portions of the deal Tuesday.
Baca lebih lajut »
Accused fake electors in Georgia may face charges in election probeEleven of those accused of serving as fake electors filed a motion Tuesday to quash their subpoenas, calling them “unreasonable and oppressive.”
Baca lebih lajut »
Fauci ‘May Step Down’ As NIAID Director By 2025—But Doesn’t Plan On RetiringI am a Texas native covering breaking news out of New York City. I was previously an editorial assistant at the Forbes London bureau. Follow me on Twitter reporterfield.
Baca lebih lajut »
Ancient fortress found by archaeologists may be a lost royal cityA 2,000-year-old fortress built on a mountainside in what’s now Iraqi Kurdistan could be part of a lost royal city called Natounia.
Baca lebih lajut »
Lucid Air May Be the Most Efficient Electric Car Ever MadeWe got a drive in the latest and most powerful performance Lucid yet.
Baca lebih lajut »
Woman found dead on Belt Parkway may have been ejected: NYPDAn investigation is underway after police found a woman's body on the Belt Parkway in Brooklyn early Tuesday in what may have involved a hit and run.
Baca lebih lajut »