Bitcoin: Start of a Cascade of Liquidations?
CryptoNewsTerminal Staff05 Aug, 2024
Bitcoin: Start of a Cascade of Liquidations?
The Bloomberg agency collected the opinions of several analysts, stating that "the Bitcoin bull cycle is unlikely to continue unless tensions in the Middle East and macroeconomic instability are resolved." Sean McNulty, head of trading at Arbelos Markets, said, "We are looking for opportunities to buy the dips, but right now the market looks as if it is at the start of a cascade of larger liquidations. It's a market where you want to be very conservative and tactical in your approach." The media outlet added that "the forced liquidation of cryptocurrency futures the previous day (local time) amounted to about $1.1 billion, the largest since early March. The sudden drop has erased $150 billion from Bitcoin's market cap, and a total of $423 million has flowed out of the US BTC spot ETF."
