cryptocurrencies plunge! more than 160,000 people liquidated their positions...
2024-10-03
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this article is reproduced from [china economic net];
against the backdrop of extreme geopolitical tensions, speculative assets such as cryptocurrencies have once again experienced a sell-off. as of the evening of october 2,bitcoin drops more than 4%, ethereum fell by nearly 7%, and adacoin fell by nearly 9%. in the past 24 hours, more than 160,000 people have liquidated their positions in the cryptocurrency market.
the rapid decline of cryptocurrency has caused many people to liquidate their positions. according to coinglass data, in the past 24 hours as of the evening of october 2,the number of liquidated positions in the cryptocurrency market reached 165,500, and the total liquidated liquidation amount was us$555 million.among them, long orders were liquidated to us$482 million, and short orders were liquidated to over us$73 million.
data source: coinglass website
bitcoin ended september’s rally with consecutive losses, denting investor optimism heading into the cryptocurrency’s best return month in history.according to statistics, bitcoin has closed down in october only twice since 2013.
“after a strong run since early september, technical indicators now point to headwinds for bitcoin,” said brian strugtz, head of spot trading at crypto prime broker falconx. “the stochastic rsi is in overbought territory. , a large number of bitcoin holders on exchanges are starting to sell.”
chris newhouse, director of research at cumberland labs, said: “after rising to the $65,000 resistance level, i observed that demand for spot bitcoin was weakening and many traders began to take profits.”
since the advent of bitcoin, the price has fluctuated all the way, with skyrocketing and plummeting prices almost the norm. the multiple risks facing the market cannot be ignored. “as an emerging digital asset,bitcoin price fluctuations are affected by many factors, including market sentiment, macroeconomic environment, technological innovation, regulatory policies, etc.. "yu jianing, co-chairman of the blockchain special committee of the china communications industry association and honorary chairman of the hong kong blockchain association, analyzed that the regulatory attitudes and policies of various countries towards cryptocurrency are constantly evolving.any new regulatory measures could have a significant impact on bitcoin price . at the same time, changes in the global macroeconomic environment, such as changes in interest rates, inflation rates and international trade relations, may also affect the value of bitcoin and other cryptocurrencies. in addition, current cryptocurrency trading platforms and wallets still face risks such as hacking attacks and security breaches.
source: china economic net wechat comprehensive securities times, 21st century economic report, economic daily (reporter li hualin)
