Best Crypto to Buy Now as Bitcoin and Ethereum Face $450M Liquidation Bloodbath
The post Best Crypto to Buy Now as Bitcoin and Ethereum Face $450M Liquidation Bloodbath appeared on BitcoinEthereumNews.com. Top cryptos started to bleed capital on Sunday as over $450M in longs on Bitcoin and Ethereum were liquidated. This happened a day after Jerome Powell’s “sort of positive” news about a Fed interest rate cut, which caused a short-lived price spike in BTC and ETH before selling pressure mounted. As a result, the Ethereum price was rejected at $5K, and Bitcoin currently hovers just above $113K. But as hopes of new highs grow dimmer among some circles, analysts still believe better times will come. These “short-term hiccups” have not deterred many investors who aim to use this volatility to search for the best crypto to buy now. Bitcoin and Ethereum’s Long Positions Liquidated Coinglass reveals that in the last 24 hours, long positions worth over $236 million were wiped out for Bitcoin and over $214 million were liquidated for Ethereum. Solana and Dogecoin were the third and fourth cryptos to suffer losses, with $23.95 million and $14.09 million worth of long liquidations, respectively. Why did this happen? A simple reason would be overleveraged longs. As the narrative around the top cryptos has been overtly bullish recently, many traders were using high leverage, up to even 100x, to bet on BTC and ETH going higher. When the market went through a short-term downturn, these investors panicked, leading to liquidations. What does this mean for the market going forward? For one, this long squeeze has removed $500M worth of bullish leverage. Since longs have been forced out, there is much less chance of immediate liquidations happening. Analyst Tradermayne echoes this belief and says that ETH has not reached the top yet. This liquidation also reduces excess leverage and funding imbalances. With overexposed positions cleared, both BTC and ETH could stabilize and rebuild momentum in the mid-term. In the short-term, however, the…
The post Best Crypto to Buy Now as Bitcoin and Ethereum Face $450M Liquidation Bloodbath appeared on BitcoinEthereumNews.com.
Top cryptos started to bleed capital on Sunday as over $450M in longs on Bitcoin and Ethereum were liquidated. This happened a day after Jerome Powell’s “sort of positive” news about a Fed interest rate cut, which caused a short-lived price spike in BTC and ETH before selling pressure mounted. As a result, the Ethereum price was rejected at $5K, and Bitcoin currently hovers just above $113K. But as hopes of new highs grow dimmer among some circles, analysts still believe better times will come. These “short-term hiccups” have not deterred many investors who aim to use this volatility to search for the best crypto to buy now. Bitcoin and Ethereum’s Long Positions Liquidated Coinglass reveals that in the last 24 hours, long positions worth over $236 million were wiped out for Bitcoin and over $214 million were liquidated for Ethereum. Solana and Dogecoin were the third and fourth cryptos to suffer losses, with $23.95 million and $14.09 million worth of long liquidations, respectively. Why did this happen? A simple reason would be overleveraged longs. As the narrative around the top cryptos has been overtly bullish recently, many traders were using high leverage, up to even 100x, to bet on BTC and ETH going higher. When the market went through a short-term downturn, these investors panicked, leading to liquidations. What does this mean for the market going forward? For one, this long squeeze has removed $500M worth of bullish leverage. Since longs have been forced out, there is much less chance of immediate liquidations happening. Analyst Tradermayne echoes this belief and says that ETH has not reached the top yet. This liquidation also reduces excess leverage and funding imbalances. With overexposed positions cleared, both BTC and ETH could stabilize and rebuild momentum in the mid-term. In the short-term, however, the…
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