These are surely unpleasant moments for a significant number of crypto investors on the account that roughly $2 billion worth of crypto positions disappeared into thin air within a day.
The mass liquidation of such trading positions, according to data retrieved from Bybt.com, showed such occurred before the flagship crypto dipped around $46,500 today from its all-time high ($49,487).
- For the day, 306,627 traders were liquidated.
- The largest single liquidation order happened on Huobi-BTC value $21.25M.
- Over the past few days Bitcoin, with the highest dominance rate in the crypto market gained over 15% and hit an all-time high of $49,487 taking into consideration future demand for the popular crypto asset amid institutional buying.
The bearish trend gained momentum immediately after the flagship crypto touched $46,500 value amid several large sell orders placed above that price.
The Crypto market had suddenly become overheated and record sell-offs began leading traders to lose about $2 billion.
At the time of drafting this report, Bitcoin’s volatility ensured that no firm market direction was in control, as Bitcoin fluctuated around $46800. Sequel to the sudden correction seen in the Bitcoin market lately, it had been in on a bullish run relatively.
The price of Bitcoin is often volatile because of its high use for financial gain and speculating advantages used by global investors and crypto traders. As such, individuals and hedge funds sell and buy Bitcoins as they would do for any other financial asset (stocks, bonds) with regulatory limitations.
What you should do: Nairametrics advises cautious buying in this fast-growing financial asset, as high market liquidity can expose you to significant losses and loss of funds. It’s highly recommended you seek advice from a certified financial advisor when buying these crypto assets.
Some weeks ago, the British financial regulator, the Financial Conduct Authority, recently issued a piece of stern advice on crypto investments
The statement highlighted the risks associated with investing in Bitcoin and other leading crypto assets and warned the public there were high chances all their funds could 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,” the statement read in part.
The fourth most valuable crypto asset is currently witnessing record sell-offs amid high profit-taking at the crypto-verse.
At the time of drafting this report, Cardano traded at $0.690598 on Monday, down 22.44% for the day It was the biggest one-day percentage loss since March 12, 2020.
Such a bearish drop pushed Cardano’s market value down to $23.7 billion or 1.68% of the total cryptocurrency market valuation. At its highest price level, Cardano was worth 28.86 billion.
The fast-rising crypto had traded in a range of between $0.690598 to $0.865184 for the day.
Over the past week, Cardano has however seen its value appreciate by 18.12%. The volume of Cardano traded a day to press time was $7.33 Billion or 3.85% of the total volume of all crypto assets.
Cardano (ADA) had lately has been tipped to outperform in 2021 by many crypto pundits on the bias that it’s headed towards its smart contract launch last month, leading to a significant amount of applications built on Cardano by this time 2021.
This means that more developers will see it as an attractive medium for building their desired apps.
What you should know
- Cardano is a type of blockchain that permits people to receive and send funds.
- ADA coin is the name in the cryptocurrency.
- It uses the Cardano blockchain and it also allows people to design smart contracts just like Ethereum.
Ripple co-founder Jed McCaleb has recently offloaded another 61.5 million XRP, bringing his total holding to below half a billion XRP.
According to data retrieved from XRPscan, Jed McCaleb’s crypto wallet sold 61.5 million XRP.
The co-founder is partly responsible for price not holding for long as it should, as he has over the years been regularly dumping XRP in the crypto market, following his departure from Ripple in 2013.
The value of his most recent sale is now estimated to be worth $36.9 million in XRP, bringing his total holding in that wallet to 442 million XRP.
At the time of drafting this report, XRP traded at $0.606590 with a daily trading volume of $13.3 Billion. XRP is down 4.09% for the day.
Recall about a month ago, Whale Alert reported that McCaleb’s remaining XRP holdings, along with the gains he made selling XRP stood at $1.2 billion, making him one of the richest individuals in the crypto-verse.
It’s key to note that McCaleb left Ripple several years ago and went on to launch his own crypto company known as Stellar. As of the start of Q3 2020, he was selling an average of 1.74 million XRP daily which, at that time, was estimated to be worth $547,438.
According to Whale Alert’s research, the co-founder still owns 3.274 billion XRP.
In spite of Ripple’s legal troubles with the powerful American financial regulator, Jed McCaleb was able to gain $411 million in XRP sales throughout 2020, bringing his total gains from selling XRP to $546 million.
Nairametrics
