Bitcoin, Ethereum, Dogecoin Plunge Amid $200M Crypto Long Liquidations: Analyst Says King Crypto To Reach All-Time Highs After Halving Event
Portfolio Pulse from Mehab Qureshi
Major cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE) experienced significant declines, with over $200 million in long positions liquidated in 24 hours. The largest single liquidation order was on Binance for BTC-USDT, worth $7.31 million. Despite the introduction of spot Bitcoin ETFs and initial acquisitions of bitcoins by these ETFs, the market has seen a net increase of only 28,000 Bitcoins due to Grayscale's GBTC selling off 40,000 Bitcoins. The overall cryptocurrency market cap decreased by 0.92% to $1.68 trillion. Analysts suggest buying dips below $41K for BTC and anticipate new all-time highs post the next Bitcoin halving event. Meanwhile, tech stocks, particularly Apple, drove the market up, with the Nasdaq Composite and S&P 500 seeing gains. The 10-year Treasury yield increased to 4.14% amid strong labor market data.
January 19, 2024 | 2:51 am
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NEGATIVE IMPACT
Bitcoin (BTC) saw over $65 million in long positions liquidated and a price drop of 3.11% to $41,243. Analysts suggest buying dips below $41K and predict new all-time highs after the next halving event.
The significant liquidation of long positions and the current price drop suggest a short-term negative impact on BTCUSD. However, analysts' long-term positive outlook could mitigate some of the immediate negative sentiment.
CONFIDENCE 80
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
Dogecoin (DOGE) saw a price drop of 3.51% to $0.077, following the broader cryptocurrency market downturn.
Dogecoin's price drop is in line with the overall negative sentiment in the cryptocurrency market, suggesting a bearish short-term impact for DOGEUSD.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Ethereum (ETH) faced over $27 million in long position liquidations, with a price decrease of 2.41% to $2,460.
The liquidation of long positions and the price decline indicate a negative short-term impact for ETHUSD. The market's overall bearish trend contributes to this assessment.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 90