Cryptocurrency Market Update: Are You Prepared for the Recent Bloodbath?
Over the past three days, the cryptocurrency market has experienced a significant downturn, with Bitcoin (BTC) leading the plunge as it struggles to retest the $56,500 support level. The total market cap of all cryptocurrencies has dropped by approximately 5% in the last 24 hours, currently sitting at around $2.25 trillion during the early New York trading session.
Impacts of the Recent Market Turmoil
- Approximately $300 million worth of leveraged crypto trades were liquidated, with most of the losses incurred by long positions.
German Government Shifts Its Bitcoin Holdings
Recent on-chain data analysis conducted by Arkham Intelligence has revealed that the German government has been actively selling off its Bitcoin holdings since June 18. In a span of just a few weeks, nearly 10,000 Bitcoins have been transferred to various cryptocurrency exchanges by the German authorities.
Potential Market Rebound in Sight
As Bitcoin teeters around the critical $56,500 support level, many analysts are optimistic about a potential market rebound. However, if Bitcoin fails to maintain support above $56.5k, the possibility of further crypto capitulation looms on the horizon, with a potential drop towards the $40,000 to $50,000 support range.
Stay updated on the latest market trends and predictions to navigate the turbulent crypto waters effectively.
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