Bitcoin’s epic $7.5B long squeeze just made BTC price more bullish — Here’s why

May 19’s price crash in the Bitcoin (BTC) spot market wiped about $7.56 billion worth of long-leveraged positions from cryptocurrency derivatives markets. Leveraged bullish investors winded up around $7.5 billion in longs on May 19. Source: Bybt The event marked the biggest bullish leverage wipeout since March 2020. Retail and institutional investors borrowed from leading exchanges to amplify their potential returns. But a sudden reversal in Bitcoin spot rates, reportedly led by Elon Musk’s anti-Bitcoin tweets over the weekend and fueled by China’s reiteration of a ban on crypto transactions,…

Bitcoin correction heralded as a ‘BTD’ opportunity, but what about DeFi?

Cryptocurrency investors are still picking up the pieces from the May 19 market-wide implosion which saw Bitcoin (BTC) drop to an unexpected low at $30,000. Post-mortem analysis now shows that the correction catalyzed a mad dash among traders running for the exits as the cascading sell-off resulted in a record 10,525 BTC liquidated across all exchanges.  Altcoins were quick to follow suit as they joined Bitcoin in its plunge and hardly a token was left unscathed by the downturn as a wider-sell-off rippled across the market, resulting in a $437 billion…

These three cryptocurrencies weathered the storm as Bitcoin plunged

As Bitcoin goes, so go we all. It’s etched into the consciousness of crypto traders because the price of altcoins so often trends closely with the price of Bitcoin. If the original cryptocurrency rallies, so does the rest of the crypto market. Whenever BTC tumbles, it invariably drags its smaller siblings down with it. Yet, as the crypto industry matures and many blockchain projects begin to generate their unique value, the link between the price of Bitcoin and that of many alternative digital assets grows more tenuous. The fact that…

Bitcoin price gains 40% in a day as altcoins, Cardano and Dogecoin join $42K BTC

Bitcoin (BTC) hit $42,000 on May 20 as altcoins joined the largest cryptocurrency in its record-breaking comeback. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView BTC price hits February highs Data from Cryptox Markets Pro and TradingView shows BTC/USD spiking to previous all-time highs from February on Thursday. At the time of writing, volatility was back as bulls sought to tackle what was once formidable resistance.  As Cryptox reported, the past 24 hours have been a test like no other for Bitcoin as selling pressure drove it to $30,000, only to evaporate…

Ethereum fees skyrocketed as traders raced to unwind leveraged positions

Ethereum fees surged to record highs amid the recent crypto downturn, with users paying more than 2,000 gwei to execute transactions at its peak. Digital asset research firm, Delphi Digital, noted gas prices oscillated between 1,500 and 1,700 gwei for approximately one hour as DeFi liquidations drove “gas wars amongst liquidators and arbitrageurs.” Ethereum gas prices amid crypto market crash: Dune Analytics In the May 19 Daily Gwei newsletter, Ethereum developer Anthony Sassano speculated the fee frenzy was likely triggered by on-chain margin traders racing to exit their leveraged positions:…

PancakeBunny tanks 96% following $200M flash loan exploit

Popular Binance Smart Chain-based decentralized finance protocol, PancakeBunny, has suffered a major exploit that allowed a hacker to make off with more than $200 million worth of crypto assets. According to a series of threads posted by the PancakeBunny team in the past hour, the protocol was subject to a flash loan attack from an external actor. The attacker borrowed “a huge amount” of Binance Coin ($BNB) before manipulating the asset’s price and dumping it on the platform’s BUNNY/BNB market. 4⃣ The hacker then dumped all the bunny in the…

Price analysis 5/19: BTC, ETH, BNB, ADA, DOGE, XRP, DOT, BCH, LTC, UNI

Retail traders capitulated as Bitcoin and Ether dropped to multi-month lows and technical indicators suggest the markets could remain volatile over the next few days. Bitcoin’s (BTC) massive bloodbath on May 19 resulted in panic selling across the board. Several major altcoins nosedived between 25% to 50% during the day. The extent of the fall shows that many large traders may have dumped their positions and leverage traders may have been roasted. In a report to its clients on Tuesday, JPMorgan Chase analysts pointed out that institutional investors were abandoning Bitcoin…

3 good reasons why $30,000 is probably the bottom for Bitcoin

After an agonizing 35% loss in the past 24-hours, Bitcoin (BTC) finally bounced at $30,000 earlier today in the May 19 trading session. A total of $3.5 billion in liquidations took place, which might have accelerated the movement, but they can’t really be entirely blamed for the move. However, the weakness in derivatives markets did give some strong signals that panic was instilled, causing unsustainable levels. These can be measured by the price gap between the futures markets and regular spot exchanges, along with the negative funding rate on perpetual…

COIN Stock Dips Below $250 After Coinbase Announces Plans to Sell $1.25B of Convertible Debt

On a long-term basis, Coinbase stock remains bullish supported by an upward call for the cryptocurrency industry by several Wall Street analysts. Coinbase Global Inc (NASDAQ: COIN) stock closed Monday trading at $248.24, down 3.92% from the day’s opening price. Additionally, COIN stock dropped approximately 1.16% further during Tuesday’s pre-market to trade around $245.37. The COIN stocks’ sustained losses in the past few two days have been attributed to an announcement that the company is planning to sell $1.25 billion worth of convertible debt. Essentially, COIN shareholders had anticipated a…