As Bitcoin, Ethereum Correct, $340M In Long Positions Liquidated: Peter Schiff Says King Crypto 'Getting A Bigger Beatdown Than The Eagles'
Portfolio Pulse from Mehab Qureshi
The cryptocurrency market experienced a significant liquidation event with over $340 million in long positions being liquidated in the last 24 hours. Bitcoin and Ethereum led the liquidations with $94 million and $80 million respectively. The largest single liquidation was a Bitcoin-to-USDT swap on OKX worth $8.23 million. OKX and Binance saw the highest liquidations, with OKX at $164.62 million and Binance at $118.33 million. On-chain analyst Willy Woo suggested a potential correction for Bitcoin to $39,700, while commentator Peter Schiff compared Bitcoin's decline to the Philadelphia Eagles' poor performance.
December 11, 2023 | 3:50 am
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NEGATIVE IMPACT
Bitcoin long positions saw a $94 million liquidation, with the market witnessing a downturn and analysts predicting further corrections.
The significant liquidation of Bitcoin long positions and the prediction of further price corrections by analysts suggest a bearish short-term outlook for Bitcoin.
CONFIDENCE 80
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
Ethereum saw an $80 million sell-off in long positions amid a broader cryptocurrency market downturn.
The substantial liquidation of Ethereum long positions indicates a negative short-term impact on its price, in line with the overall market sentiment.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 90