FOMO

Bitcoin

Bitcoin, the biggest digital asset, recorded another 5% price drop over the last 24 hours leading to a panic selling in the crypto market. The cumulative digital asset market plunged by around 4.27% in early Thursday trading hours. The continued decline has led to a huge amount of long bets liquidated hampering the investors’ confidence. Bitcoin declines by 13% in 7 days 
After the ongoing so called <a href="https://news.todayq.com/nearly-billion-dollars-wiped-out-in-crypto-liquidation-heres-how/" rel="noopener noreferrer nofollow">market correction</a>, Bitcoin price is now down by more than 13% in the last 7 days. BTC has seen a dump from above the $70,000 price level to straight $60,000 levels over the same period. The original crypto is trading at an average price of $61,240, at the press time. Its 24 hour trading is up 8% to stand at $42.2 billion.
The crypto decline has resulted in long and short position liquidations worth over $241 million in the last 24 hours. However, the single largest liquidation order recorded by the tracker happened on the crypto exchange OKX of ETH-USD-SWAP valued at $5.40 million.
Data shows that 75% of the total liquidation of $244.43 million turns out to be long bets. The long position liquidations amount stands at $184.10 million. However, around $60 million of liquidation comes from short bets placed by the traders.
This suggests the traders were expecting the ongoing correction to end soon, meanwhile, the crypto market printed red indexes all around. The highest amount of future bets liquidation took place on the crypto exchange Binance of more than $96.72 million. What do trends suggest? 
The recent minor crypto market crash has sent a shockwave in the industry. The fear and greed index is reflecting “Neutral” sentiments dropping from “Greed” among the traders and investors. The index shows has dropped from the highs of 80 points to 55 points. The Bitcoin dominance is currently at 53.92%, a decrease of 0.32% over the day.
The crypto crowd is anticipating that the bull market might have come to an end after Bitcoin’s 16% price drops since it hit the all time high (ATH) of $73.6k back on March 14. With this bear market mentions are increasing among the community.
If we take a look at History, prices move in the opposite direction of mass traders’ expectations. The quick dropoff of FOMO in line with a rise in FUD is a promising combination that cryptocurrency may see a recovery either right before the halving or shortly after it happens successfully.

Bitcoin bull run ended? What do market trends suggest

Todayq News

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