Grayscale Investments already made its mark on the crypto market, becoming its largest asset management firm. While the company has focused primarily on large-cap cryptos, it [.]
$57 Million in Bitcoin Shorts Liquidated in 10 Minutes on Binance Thanks to Elon Musk
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According to the Glassnode CTO and founder, Rafael Schultze-Kraft, traders on Binance have liquidated a staggering $57 million in Bitcoin futures short positions in just ten minutes.
He mentioned that this was the result of a single word, obviously hinting at Elon Musk adding Bitcoin to his Twitter bio line earlier today. The news made headlines immediately.
After Elon did that, Bitcoin showed a massive rise, surging from the $32,000 zone to over $36,000. At press time, BTC is trading at $37,101, as per data from CoinMarketCap.
Jan 15, 2021 04:47 GMTCrypto News
Bitcoin SOPR is at extreme overbought conditions suggesting that the bull-run still is intact.
Short-term Bitcoin holders (traders) are helping to push Bitcoin in profit.
The Entity-Adjusted SOPR points to a possible pullback after overshadowing the 2017 top.
Bitcoin boasts of a nearly 30% rebound after touching the major support at $30,000 early this week. Despite the massive liquidations in the futures market, which saw over $1.5 billion wiped off, BTC presented a strong bullish front, bringing down the seller congestion at $36,000 and $38,000.
At the time of writing, the bellwether cryptocurrency is trading marginally above $39,000 after touching $40,000 on Friday during the Asian session. The Spent Output Profit Ration (SOPR), an on-chain metric by Glassnode, is exceptionally overbought, as Rafael Schultze-Kraft discussed, a renowned on-chain analyst. This situation calls for a couple of events; Bitcoin may settle for consolidation or embrac
XRP, the seventh most valuable crypto asset by market value, is currently enjoying high pressure amid recent pullbacks seen in the price of the flagship crypto asset.
At the time of writing, XRP was trading at $0.70847 up 20.25% for the day. It was the biggest one-day percentage gain since about 9 weeks ago.
The move upwards pushed the crypto market value to about $32 billion or 1.67% of the total crypto market value. At its highest, XRP’s market value was pegged at $31.5 billion.
XRP had traded in a range of $0.61963 to $0.70849 in the previous twenty-four hours.
For the week, the crypto asset has seen an exponential gain of 26.69%. The volume of XRP traded for the day at the time of writing stood around $7. 4 billion or 4.92% of the total volume of all crypto assets. XRP traded in a range of $0.5309 to $0.7085 for the week.