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Discover the latest developments in the crypto market as it begins to rebound after significant liquidations and altcoin value drops. Stay informed with expert insights and detailed analysis.
The cryptocurrency market is beginning to regain traction after a tumultuous period marked by over $1 billion in leveraged position liquidations and a significant drop in altcoin values. This recent market movement has caught the attention of investors and analysts alike, suggesting that the sector may be poised for a gradual recovery.
David Duong from Coinbase has emphasized that despite recent volatility, certain factors continue to influence the crypto market. Duong stated, “We believe that market tension will persist in the short term; however, the accumulation of short positions could pave the way for a rebound in the coming days.” His analysis points to a cautious optimism amongst traders and investors.
According to Coinglass data, the past 24 hours have seen nearly balanced liquidations between long and short positions, with approximately $425 million in total liquidations. Specifically, $212 million were long positions, and slightly more than $212 million were short positions, indicating a symmetrical market adjustment.
The Block’s Prices Page revealed that, in the same timeframe, Bitcoin and Ether prices increased by over 6% and 7%, respectively. This positive movement has contributed to a global cryptocurrency market cap of $2.04 trillion, as reported by Coingecko. The overall market sentiment is cautiously optimistic with these gains.
Several external factors continue to impact the crypto market. According to Coinbase’s Duong, these include Bitcoin and Ethereum distributions as part of Genesis’s bankruptcy liquidation plan and decisions made by Mt. Gox creditors who have reclaimed their Bitcoin holdings. Additionally, the unwinding of Japanese yen-based carry trades could be influencing market dynamics.
Despite the slight price recovery, the Bitcoin futures funding rate has remained negative in the last 24 hours. This scenario indicates a strong demand for short positions, reflecting investors’ continued bearish sentiment on Bitcoin’s price.
In summary, the cryptocurrency market’s recent movements suggest a potential path to recovery, though challenges remain. With significant liquidations balancing out and critical market analyses pointing towards cautious optimism, investors should stay informed and conduct thorough research when considering any market actions. While encouraging signs are present, the market’s volatile nature necessitates a prudent approach.
The post Bitcoin and Ethereum Lead Market Recovery Amid Significant Liquidation appeared first on COINOTAG NEWS.
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한 곳에서 모든 암호화폐, NFT 및 DeFi 를 관리하세요시작하는 데 사용하는 포트폴리오를 안전하게 연결하세요.
