Selling pressure hit the crypto market again on Friday, after Asian equity markets and US equity futures headed lower on fears about a new variant of the coronavirus spreading. in South Africa.
At 10:28 UTC, bitcoin (BTC) it was down 6.5% in the last 24 hours, trading at a price of $ 54,735. At the same time, ethereal (ETH) it was down 6.4% at a price of USD 4,077.
Both crypto assets fell today after seeing gains yesterday, and sentiment appeared to turn positive after two weeks of mostly lower prices for bitcoin.
However, after today's sell-off, bitcoin is now trading below its Tuesday low of $ 55,300 this week, which at the time marked the lowest price since October 13. With today's drop to the $ 54,000 level, the sentiment is once again. turning negative among traders.
And, as usual, when the selling pressure hits the market, the leveraged traders who have bet on the wrong result are liquidated.
During the last 4 hours, the general market for crypto derivatives saw close to USD 440 million of positions, mostly long liquidated, and most, as usual, in Binance. For BTC alone, total crypto market liquidations stood at $ 116 million, with $ 50 million seen on Binance, Coinglass data showed.
Despite this, industry insiders remained optimistic about the outlook for the cryptocurrency market, such as Hunter Horsley, CEO of cryptoasset manager. Bit by bit, narration Bloomberg today that the current move appears to be driven by "flows and transitory sentiment."
"When we look at the fundamental theses and the drivers of space, they still look incredibly optimistic," Horsley said.
