Institutions provoked the collapse of Bitcoin by staging a sell-off, The Block insiders report.
On the morning of December 4, an unknown trading company took a profit on Bitcoin, reducing positions by $500 million. The sale triggered the liquidation of 1.3 billion long positions in the derivatives market ranging from $42,000 to $51,000.
On Saturday, Bitcoin collapsed to almost $42,000. By Monday, BTC had recovered some of its losses, exceeding $49,000. However, institutions triggered a broader shift in the market.
Open interest in the derivatives market fell from $21.6 billion to $16.7 billion in less than an hour. However, purchasing interest for the long term remains.
The steep peak of the first cryptocurrency pushed most of the top crypto assets into the red zone.
Subscribe to ForkNews on Telegram to stay up to date with news from the world of cryptocurrencies
You May Also Like
Happy Genesis Block Day!
Exactly 13 years ago - January 3, 2009 - Satoshi launched the Bitcoin network, mining the first block in the blockchain.
DIY block scanner (Blockchain explorer): Why is it needed?
When developing a crypto wallet, you will encounter a number of problems that are not obvious. We will not consider now the problems associated with generating addresses, signing transactions and other issues that may come to mind first.
