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Cryptocurrency Fall as Crypto investors lose $530 million within a day

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Failing Cryptocurrency in January 2021

Crypto futures overheated and record sales resulted in traders losing over $ 527 million in a single day.

These are sure to be tough times for many crypto investors as around $ 530 million in crypto positions were liquidated in one day.

The massive liquidation of those trading positions, according to Bybt.com, showed it happened before flagship crypto fell around $ 34,000 today.

bybt

What this means

Over the past day, Bitcoin, with the highest dominance rate in the crypto market gained 7% when it moved from $35,500 to nearly $38,000, taking into consideration future demand for the crypto asset could skyrocket.

  • However high sell-offs gained momentum immediately Bitcoin touched $38,000 value amid several large sell orders placed around that price.
  • The Crypto futures became overheated and record sell-offs began leading traders to lose more than $527 million in 24 hours.

What they are saying

A highly respected crypto expert, Ki-Young Ju, disclosed the ongoing activity in the ever-volatile Crypto market on his Twitter feed, by critically hinting that buying pressure has paused in recent days.

  • “People trade $BTC with low leverage, open interest is skyrocketing, and the long-short ratio looks neutral. Strong on-chain buying signals that have driven this bull market hasn’t come up so far. Bitcoin might retest 30k, so I don’t have any position now in this uncertain market.”

At the time of writing, Bitcoin’s volatility ensured that no fixed market direction was under control as Bitcoin fluctuated around $ 34,800.

Sequel to the sudden correction seen in the Bitcoin market lately, it had been in on a bullish run relatively.

Bitcoin, Bitcoin running out of steam

A few days ago, the UK’s Financial Conduct Authority recently issued strict advice on investing in crypto.

The statement highlighted the risks associated with investing in Bitcoin and other leading crypto assets and warned the public that there is a good chance that all of their funds will be lost.

“The FCA is aware that some firms are offering investments in crypto assets or lending or investments linked to crypto assets, that promise high returns.
Investing in crypto assets, or investments and lending linked to them generally involves taking very high risks with investors’ money. If consumers invest in these types of products, they should be prepared to lose all their money.”

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