Below $80,000, and the bulls paid first.
On October 29 during Asian trading, Bitcoin fell below $80,000.
The day before, it was still above $81,700. The two-day rebound came to an end just like that.
The drop sent it straight down to around $79,800.
About $356 million in crypto futures positions were liquidated across the market in 24 hours.
Long positions accounted for around $205 million, with Bitcoin futures making up about $94 million.
The catalyst came from outside the crypto market.
Samsung's chip profits came in at 106.5 trillion won, below expectations of 108.5 trillion won.
Samsung shares fell more than 5%, the KOSPI dropped over 2%, and Nasdaq futures slid 1.4%.
As risk sentiment cooled, crypto got caught in the sell-off.
The Fed still has rates unchanged at 3.75% to 4%, and its hawkish tone hasn't changed.
By the afternoon Beijing time, the price was back around $80,157, down about 1.5% on the day.
The price climbed back, but the liquidation losses didn't.
It fell below the threshold and climbed back up, but liquidations had already spoken for the market.
Personal opinion only. This is not investment advice.
#比特币跌破80000 $BTC
On October 29 during Asian trading, Bitcoin fell below $80,000.
The day before, it was still above $81,700. The two-day rebound came to an end just like that.
The drop sent it straight down to around $79,800.
About $356 million in crypto futures positions were liquidated across the market in 24 hours.
Long positions accounted for around $205 million, with Bitcoin futures making up about $94 million.
The catalyst came from outside the crypto market.
Samsung's chip profits came in at 106.5 trillion won, below expectations of 108.5 trillion won.
Samsung shares fell more than 5%, the KOSPI dropped over 2%, and Nasdaq futures slid 1.4%.
As risk sentiment cooled, crypto got caught in the sell-off.
The Fed still has rates unchanged at 3.75% to 4%, and its hawkish tone hasn't changed.
By the afternoon Beijing time, the price was back around $80,157, down about 1.5% on the day.
The price climbed back, but the liquidation losses didn't.
It fell below the threshold and climbed back up, but liquidations had already spoken for the market.
Personal opinion only. This is not investment advice.
#比特币跌破80000 $BTC
