Sunday, January 10, 2021

Bitcoin running out of steam

Bitcoin traded at $35,129.26 with a daily trading volume of $84.3 billion.

Bitcoin

The price of Bitcoin is presently under immense pressure at the first working day of the week, amid record sell-offs sighted at the ever-changing financial asset.

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What you should know: As at press time, Bitcoin traded at $35,129.26 with a daily trading volume of $84.3 billion. It is down 14.61% for the day.

Bitcoin market value now stands at $653.2 billion.

It has a circulating supply of 18,596,881 BTC coins and a max. supply of 21,000,000 BTC coins.

Affirming the bearish hold, a significant amount of bullish bets in the futures market at the world’s biggest crypto exchange got wiped suddenly— “$90 million of futures contracts long liquidations on Binance within 10 minutes,” according to Rafael Shultze-Kraft.

Such losses stunned many crypto traders and investors who overleveraged on the prevailing bullish trend in the Bitcoin market.

While some crypto analysts are saying that markets will shrug it off, others seem to believe that the end of the current Bitcoin rally is nigh (or indeed, that it is already here).

The bearish trend prevailing at the bitcoin market is largely attributed to a significant amount of profit-taking in play on the account that “Bitcoin realized profits are at record highs. Yesterday alone, the total net realized a profit of all coins moved on-chain was $5.5 billion.

Note that these represent BTC on-chain movements (comparing price at UTXO creation/spent times), not trades,” as observed by Glassnode.

 

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