Crypto market experiences liquidation of $900M as Bitcoin exceeds $103K in current rally
📰 Bitcoin Smashes $100k: Market Volatility Amplified as Liquidations Near $1 Billion
💥 Bitcoin bitcoin0.85% has exploded past the $103,000 mark, igniting a chain reaction that saw $900 million in liquidations over the past 24 hours. This staggering figure equates to a 200% increase in liquidations compared to the day prior, indicating an unfolding whirlwind of market sentiments.
📈 Bitcoin shorts accounted for $321 million of these liquidations. Simultaneously, open interest rose by a substantial 5% to an impressive $133 billion, signaling the arrival of bold new leveraged bets. It's clear that as Bitcoin scales new heights, investors are not shying away from testing their luck, even when the risks appear formidable.
💡 The average crypto relative strength index has soared to a formidable 70, hinting at overbought conditions. This surge follows a breathtaking market rebound, as the total crypto market value shot up to an exceptional $3.3 trillion - an all-time high not seen since March's early blossoms.
💎 During the Asian trading hours on Friday, Bitcoin reached an apex of $103,460, soaring upwards by more than 6% in a single day. Ethereum eth8.65%, the impressive matryoshka doll of the crypto world, led the altcoin pack, reclaiming the $2,200 mark it last kissed two months ago, while Solana sol2.6% and XRP xrp1.7% playfully gained 8% and 5%, respectively.
💥 Trump Trump's ellipticalgram meanderings hinted at a tentative U.S.-U.K. trade agreement on May 8. This news ignited fresh hope for the global markets amidst the persistent limbo of the Federal Reserve's decision not to adjust rates on May 6. Interestingly, the CME FedWatch tool suggests a 70% chance of a rate cut by July, and a shocking 95% chance of at least one cut by October.
💡 Although the crypto market's upswing can be attributed to several factors, on-chain data reveals that investors are becoming increasingly confident in the space. Bitcoin's Realized Cap reached an all-time high of $890.7 billion, marking its third consecutive weekly record. This figure underscores the sustained accumulation trend among both short- and long-term holders.
🎯 Santiment cautions that Bitcoin's scorching sprint above the $100K mark has attracted significant attention from retail investors. While this sentiment is potent, Santiment also warns that excessive bullish moods can often herald local peaks. Meanwhile, Raoul Pal, Real Vision's CEO, theorizes that Bitcoin's dominance may have peaked, potentially foreshadowing the onset of the "Banana Zone" - a period traditionally characterized by altcoins captivating outsize gains.
💡 Insight- Dor Con procedures, John M. Ellison et al. - Atherosclerosis and the dynamics of endothelial nitric oxide synthase mRNA abundance during hyperlipidemia: https://www.ncbi.nlm.nih.gov/pmc/articles/PMC1694574/
💎 Ethereum Hikes 20%: Fueling the Flame, ETH finds itself undervalued relative to BTC since 2019
- The crypto market is seeing an unprecedented surge, with Bitcoin soaring past $103,000, reaching an all-time high of $3.3 trillion.
- Ethereum, often referred to as the matryoshka doll of the crypto world, has also climbed significantly, reclaiming the $2,200 mark it last held two months ago.
- Altcoins such as Solana and XRP have also shown impressive gains, with Solana increasing by 8% and XRP by 5%.
- The average crypto relative strength index has surged to 70, indicating overbought conditions.
- Bitcoin shorts accounted for $321 million of the $900 million in liquidations over the past 24 hours, and open interest rose by 5% to an impressive $133 billion.
- The CME FedWatch tool suggests a 70% chance of a rate cut by July, and a shocking 95% chance of at least one cut by October.
- Despite the crypto market's upswing, Santiment cautions that Bitcoin's bullish sentiment can often herald local peaks. Meanwhile, Raoul Pal, Real Vision's CEO, theorizes that Bitcoin's dominance may have peaked, potentially foreshadowing the onset of the "Banana Zone" - a period traditionally characterized by altcoins captivating outsize gains.
- Investors are becoming increasingly confident in the crypto space, as evidenced by Bitcoin's Realized Cap reaching an all-time high of $890.7 billion.