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BTC price broke out of its multi-month long range, securing a daily close above $50,000 and prompting traders to extend their short-term target to $56,000.
Bitcoin hitting $50,000 could spell the "ultimate bear trap" for those betting on a BTC price drop, one analyst says.
A significant number of investors in the crypto market have had their accounts liquidated amid the sudden drop seen in a number of altcoin assets. For the day, about 1,018,638 investors had their account worth about $10 billion liquidated. The largest single liquidation order happened on Binance-BTC valued at $68.73 million. The flagship altcoin is under high selling pressure with Ethereum trading at $1,952 at the time of writing this report, down 21.46% for the day. It is the biggest daily drop since March 12, 2020. Such a fall pushed Ethereum’s market value to $247.15 billion, or 12.16% ...
Ripple’s native cryptocurrency XRP has rallied over 80% in the past two days, with the past 24-hours alone accounting for a 40% surge in price. What Happened: The cryptocurrency broke out of a three-year downtrend against Bitcoin, crossing $1.00 for the first time since 2018, and reached a high of $1.10 earlier today. Several crypto traders took to Twitter to highlight the bullish market structure surrounding the coin’s unexpected rise. Not for nothing, $XRP technically has taken all necessary strides to be bullish. After the exchange delistings and write-off by most of CT, this essentia...