Bitcoin Crash: Liquidations and SpaceX Speculation Lead to $25k Plunge

Bitcoin Crash: Liquidations and SpaceX Speculation Lead to $25k Plunge


Bitcoin Crashes to $25,000 Amid Liquidations and Speculation

Bitcoin experienced a sharp crash to nearly $25,000, breaking a wedge pattern it had been trading in since November 2022. The crash was driven by significant liquidations and speculation surrounding SpaceX’s reported bitcoin sale. Here are the key points:

– Substantial bitcoin and ether liquidations on Deribit and OKX accounted for 50% of all liquidation flow, despite their open interest share being only 17%.
– Centralized exchanges saw over $1 billion in liquidations, while the DeFi sector experienced over $75 million in liquidations, the highest for the year.
– Speculation about Elon Musk and SpaceX offloading their bitcoin holdings led to market speculation and a bearish extension mode in the derivatives market.
– Grayscale’s lawsuit against the SEC and Fed Chair Jerome Powell’s upcoming speech at Jackson Hole are events to watch for potential market impact.
– Despite the turbulence, the key $24,000 to $25,000 zone for bitcoin has held firm, with QCP Capital predicting a bounce in Wave B before a concluding Wave C.

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The recent crash in bitcoin highlights the volatility and influence of external factors on the crypto market. Liquidations and speculation surrounding SpaceX’s reported bitcoin sale have driven the market into a bearish extension mode. However, with the key support zone holding firm, there is potential for a bounce and recovery in the coming weeks. As always, it’s important to stay informed and monitor market developments closely.

Bitcoin Crash: Liquidations and SpaceX Speculation Lead to $25k Plunge
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Theon Barrett shines as a distinguished crypto analyst, accomplished researcher, and skilled editor, making significant strides in the field of cryptocurrency. With an astute analytical approach, Theon brings clarity to intricate crypto landscapes, offering insights that resonate with a broad audience. His research prowess goes hand in hand with his editorial finesse, allowing him to distill complex information into accessible formats. Theon’s work serves as a guiding light for both experienced enthusiasts and newcomers, providing well-researched perspectives that empower informed decision-making in the ever-evolving realm of cryptocurrencies.