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Rough 24 hours on the crypto market, and not only in number. Over half a billion dollars erased in liquidations – $ 555 million, to be true. It’s not even a counting on Friday night, when things really started to roll over.
Most of these liquidations? Long positions. No surprise there. The logic was simple: everything happened, so it should move on. Buy DIP, aren’t you? Well, not really.
Bitcoina-monument merchants can be used for this rhythm, but the future speak a different story. CoingSlass data exhibited this – from $ 555 million, liquidation, only $ 68 million were short positions. Other? Longs are caught equipment. Bitcoin futures itself saw $ 105 million liquidated, with a stunning 90.4% of those who have long.
But surprisingly, Bitcoin (BTC) was not the biggest loser here. The “others” category, where cryptoturne on smaller caps are falling, took even harder hit.
Now, merchants are looking at what happens next. The market on the stock exchange opens Monday, and is likely to set the tone. Traditional finances have not yet reacted, which means that more turbulence could be in advance for crypto. Liquidations may not have been completed.
“Great Strategy”
And then there is Peter Brandt, a name that carries weight in trade circles. Veteran since the 1970s, at the right time he seduced with a note that dripped with sarcasm.
He called him a “excellent strategy” to reduce the winners short and let losers – obviously inversion of conventional wisdom. No serious trader acts in this way, making his comment to a smaller tip and more pointed criticism of recent market behavior.
Crypto space is in reaction mode, adapting to the market that refuses to behave predictable. One thing is clear: the next few days will say much about whether it is just a shaking – or the beginning of something bigger.
