Investors inching closer to joining cryptocurrency, digital asset fray pionline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from pionline.com Daily Mail and Mail on Sunday newspapers.
by Tyler Durden
Sunday, Apr 18, 2021 - 08:21 AM
In a crash that started late on Saturday evening and accelerated throughout the night, Bitcoin and the entire cryptocurrency space plunged the most in more than seven weeks, just days after hitting a new all time high ahead of the Coinbase IPO.
Bitcoin fell 12% to $53,400 as of 8:0 a.m. in New York on Sunday, after plunging as much as 15.1% to $51,707.51 in the Asian day. Ethereum, the second-largest token, dropped almost 18% before paring losses.
The market-wide crash has in $1.72 billion worth of long positions liquidated in just one hour alone.
Expanding this range to 24-hours shows that 927,000 traders’ positions worth nearly $10 billion were wiped off, with $68.73 million being the largest liquidation so far according to FX street.
EconomicPolicyJournal com: Former CIA Director Comes Out in Favor of Bitcoin economicpolicyjournal.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from economicpolicyjournal.com Daily Mail and Mail on Sunday newspapers.
In the past year we have witnessed an explosion of institutional support for
Bitcoin and other cryptocurrencies. Major companies like
Square and
JPMorgan Chase and
Goldman Sachs are considering adopting cryptocurrencies after years of skepticism. After all, it was only three short years ago that JPMorgan Chase CEO Jamie Dimon called Bitcoin a fraud and worse than tulip bulbs.
The meteoric rise in Bitcoin is hard to ignore. In the past year alone, the cryptocurrency has risen more than 800%, from around $6,800 to over $62,000 as of Tuesday evening.
One company that has been involved in the space for almost eight years now is
Jill Carlson, venture partner at Slow Ventures, said it all comes back to growth. The name of the game is absolutely growth, growth, growth here, and I think on top of that you also have to look at just the dynamics around the stock. It has sort of meme stock potential on the retail side, and then for a lot of institutions, this is going to be their first ability to have a real foray into the crypto space, for a lot of institutions that have been blocked out of buying bitcoin, but I do think it comes back to growth. I think that the metrics that I looked at when they announced their quarter one earnings a few weeks back came down to their MTUs, monthly transacting users, and then also just their transaction volumes and talk about a blockbuster quarter.