Today is yet another tumultuous day in the cryptocurrency market. The massive volatility, propelled by the fact that Elon Musk’s Tesla revealed a purchase of $1.5 billion in BTC, caused over $1.34 billion liquidated both long and short positions, though bulls had the upper hand.
Things happen quickly in the cryptocurrency market. Bitcoin was trading rather calmly earlier today, making progress towards the $40,000 level after failing to sustain it during the weekend.
However, everything changed in less than two hours.
As CryptoPotato reported, Tesla filed a Form 10-K with the SEC, disclosing a $1.5 billion investment in BTC earlier in January.
The company also revealed that it might start accepting the primary cryptocurrency as means of payment for its products later on.
This is how the price reacted:
The price has seemingly stabilized around $43,500, though it surged to just shy of $45,000 in less than two hours.
This has led to massive liquidations throughout the entire market – their total amount, at the time of this writing, stands at $1.33 billion for the past 24 hours.
Most of the liquidated positions, currently, are long trades.
However, in the past 4 hours (since the major price action unfolded) bulls have undoubtedly taken prevalence as 83% of the liquidations came from shorts.
The largest single-order liquidation happened on BitMEX – it was a BTC position with a face value of $10 million.
[PRESS RELEASE – MELBOURNE, AUSTRALIA, 29th March 2023] Brand Ambassadors Daniel Ricciardo, Scotty James, and McLaren F1 driver Oscar Piastri join event at Melbourne Arts Centre to celebrate ahead of Australian Grand Prix OKX, the second-largest crypto exchange by trading volume and a leading Web3 technology company, today announced that it will open an office…
The United States Financial Industry Regulatory Authority (FINRA) has revealed that about 70% of retail communications concerning cryptocurrencies violate its rule of misleading claims. According to an official report, FINRA identified communications that failed to provide sound bases for evaluating digital assets by excluding explanations of how they are issued, held, transferred, and sold. Misleading
The community members of the Internet of Things (IoT) blockchain network, Helium, has voted for a complete transition to Solana to improve network scalability. The HIP 70 proposal published by the Helium Foundation has been in the works for several months. In August, the foundation detailed the reasons behind the core developers’ inclination to Solana…
In addition to its price hitting a 19-month high, Bitcoin dominance also hit local highs, topping 54%. However, a minor retreat in the metric and a potential BTC correction could be good news for altcoins. On Dec. 4, crypto trader Jacob Canfield commented on the dominance decline and potential for altcoin moves. “I’m liking this
Nexo, a financial service provider for digital assets, has announced a $150k donation to Brink, a non-profit dedicated to encouraging, nurturing, and supporting the open-source Bitcoin development community. This follows the contribution of Jack Dorsey, who recently granted 1 BTC to the organization as well. Nexo Donates $150K to Brink As Bitcoin continues to experience…
Bitcoin is up by a strong 5% today as it finally surged past $60,000 for the first time in April. After breaking that level, it went on to reach today’s high at $61,222 (at the time of writing). The coin started the month by attempting to charge above $60,000 but failed in the first week.…
Jatinder Singh, the 37-year-old partner of Thevamanogari Manivel, a Melbourne woman who mistakenly received $10.5 million instead of a $100 refund from digital asset exchange Crypto.com, has been granted bail by the Victorian County Court. Although Senior Constable Conor Healy argued that roughly $7 million had been recovered and Singh could flee with the outstanding…
[PRESS RELEASE – Stockholm, Sweden, 24th October 2022] Planet IX, the biggest P&E & NFT project on Polygon, has entered into a strategic merger with a disruptive 3D art & gaming studio – ArcadeNFT. As part of the collaboration, Planet IX will be able to incorporate a much sought-after smart contract developed by ArcadeNFT. In…
Months after the Securities and Exchange Commission charged eight people allegedly involved with orchestrating the $45 million CoinDeal scam, the Department of Justice has gone after another party. A 57-year-old resident of Las Vegas, Bryan Lee, was charged with conspiring with the main culprit believed to be behind the scam that defrauded over 10,000 investors.…