$55M Worth of Crypto Stolen from BtcTurk

BtcTurk announced, "Our teams have identified that on June 22, 2024, a cyber attack caused unauthorized withdrawals from our platform. Only a portion of the balances of 10 cryptocurrencies in our hot wallets were affected by this attack, while the vast majority of our assets held in cold wallets are secure. BtcTurk's financial strength far exceeds the amount affected by this attack, ensuring that user assets will not be impacted by these losses."

BTC/USDT is at $63,700~, and you see liquidation levels at $62,900 and $64,900. Knowing this, you can use those levels to your advantage.If many people have liquidation levels at $63,000~, there's a good chance the price could dip towards that level to trigger liquidations and then bounce back up. You might go long just above $63,000, anticipating this bounce.Similarly, if many liquidations are at $64,800~, the price could spike up to trigger those, then fall back down. Going short just below $64,800 could capitalize on that dip.

Here are two examples of 12h and 25h liquidation heatmaps for $BTC . Plan your moves with data, not guts 💪

Say you’re dealing with BTC/USDT. You buy some Bitcoin on the spot market and own it right away. While holding that, you can also jump into a futures contract to protect against price drops or bet on price hikes.

For example, if you think Bitcoin’s going up, you buy BTC/USDT on the spot market and go long on a futures contract. If the price rises, you win twice. If you’re worried it might drop, hold your Bitcoin but take a short position in futures to cover any losses.

Using both spot and futures lets you balance quick gains with smart planning. It’s like playing chess while everyone else is playing checkers 💪

$BTC

Spot trading and futures trading have their own unique vibes. With spot trading, you're buying or selling assets right away at current market prices. It's straightforward and gives you immediate ownership, making it less risky. It's nice when prices are down and there to grab. However, you're limited to the prices the market offers, and you can't leverage as much for bigger gains.

On the flip side, futures trading involves buying or selling contracts to trade assets at a set future date and price. This can be a game-changer because it allows for leverage, meaning you can potentially see much bigger gains. It’s great for hedging against price changes, but it comes with higher risk and complexity, and the potential for bigger losses is real.

When trading crypto, using stop-loss and take-profit orders is a game-changer. A stop-loss helps you cut your losses by selling your asset if it drops too low. A take-profit ensures you cash in when the price hits your target. These tools need self-control and discipline, so you don't make decisions based on emotions. Stick to your plan, and let these tools help you navigate the market's ups and downs. Stay smart and disciplined! 🚀💡

Imagine you're trading Bitcoin. Your liquidation level is like a safety line. If Bitcoin's price drops below a certain point, say $30,000, and you've borrowed money to buy Bitcoin, your broker might sell your Bitcoin automatically to cover their risk. That's the liquidation level in action—it helps manage risk in volatile markets.

Now, price action is how Bitcoin's price moves over time. For example, if Bitcoin suddenly surges to $80,000 due to positive news like a big company adopting it for payments, that's bullish price action. Traders might see this as a signal to buy, hoping for further gains.

Conversely, if Bitcoin's price drops to $35,000 because of regulatory news or market panic, that could trigger a wave of liquidations. Traders who borrowed to buy Bitcoin at higher prices might hit their liquidation levels, causing them to sell, which could push the price down further—that's bearish price action.

Understanding these dynamics helps traders make informed decisions. They analyze charts, study market sentiment, and keep an eye on liquidation levels to gauge market health and potential opportunities.

So, whether you're in it for the thrill of trading or building a long-term investment strategy, grasping liquidation levels and watching Bitcoin's price action can give you a clearer view of what's happening in the crypto market. It's about combining knowledge with intuition, navigating the ups and downs of this exciting digital frontier.

To analyze liquidation data, you can use any platform's liquidation heatmaps or similar data. Here is an example:

$BTC