Bitcoin previously touched an all-time high of $69,000 on November 10.
Hong Kong: Bitcoin hovered around $49,000 on Monday, down 1.5% on the day, as traders suffered losses after a brutal weekend in which the price of the world’s largest digital asset had a moment. lost more than 1/5 of its value.
The roadmap brought bitcoin price and bitcoin futures investments back to where they were in early October, before the massive bull run that took the token to an all-time high of $69,000 on Jan. November 10
“Our expectation is that the rest of Q4 will be a rough month; we don’t see the bitcoin strength we normally see after one of these down days, leveraged markets have established. has completely reset and open interest in leveraged markets has completely reset,” said Matt Dibb, CEO of Stackfunds.
Cryptocurrency data platform Coinglass shows open interest – the total number of futures contracts held by market participants at the end of the trading day – across all exchanges last at 16.5 billion dollars compared to 23.5 billion dollars on Thursday and as much as 27 billion dollars on 10 November .
Traders say the fall weekend is associated with a widespread move away from riskier assets in traditional markets due to worries about the novel coronavirus omicron variant, combined with low trading liquidity. than.
As the price fell further, investors who bought bitcoin on margin saw the exchanges close their positions, triggering a flurry of selling. According to Coinglass, a series of retail-focused exchanges closed over $2 billion in long bitcoin positions on Saturday.
Some exchanges allow traders to bet 20 times or more the size of their investment, meaning a small move in the wrong direction can cause exchanges to liquidate customer positions when Their original investment is gone.
Bitcoin’s rival ether, the world’s second-largest cryptocurrency that underpins the ethereum network, was also affected on Saturday, but with less difficulty.
It last traded at $4,112, compared with a November 10 high of $4,868, but it has climbed steadily against its larger rival.
The last time an ether bought 0.086 bitcoin, the highest level since May 2018.
(This story has not been edited by NDTV staff and was automatically generated from the feed provided.)
