- Bitcoin price barely clung to $100,000 as the market suffered over a billion dollars worth of liquidations in the last 24 hours.
- Market sentiment dropped to a seven-month low as news broke about a Satoshi-era whale that sold $1 billion worth of BTC.
CNBC Mad Money host Jim Cramer recently claimed we’re officially in a bear market. At this rate, the crypto community is just wishing that the “Inverse Cramer” effect would turn the headwinds around.
However, the host, whom the public occasionally mocked for his wrong predictions on Bitcoin (BTC) and cryptocurrency prices, may be right this time. After his statement, the premier digital asset sank to a level it hadn’t revisited since June.
Bitcoin Price Dip Cascades to Major Liquidations
As of writing at 6:30 PM (UTC) on Tuesday, the price of Bitcoin was back around the $100,000 line as it consecutively broke the crucial supports at $106,000 and $102,000. The decline triggered automated sell orders, wiping out over $1.18 billion leveraged positions in the last 24 hours. These consisted of around $1 billion longs and $177.9 billion shorts based on Coinglass data.
Bitcoin emerged as the heaviest hit in the crypto market liquidations, accounting for $440.72 million wrecked positions. These comprised $414.62 million longs and only $26.1 million shorts.
Meanwhile, Ethereum (ETH) suffered from $316.71 million in liquidations. These were made up of $282.47 million longs and $34.24 million shorts.
The largest liquidation order occurred on the HTX crypto exchange platform under a BTC-USDT pair worth $47.87 million.
What Happened?
Market sentiment dunked to its lowest in nearly seven months. According to Alternative’s Crypto Fear & Greed Index, investors are exhibiting “Extreme Fear,” indicating they are too worried about the market. Nonetheless, the platform noted that the trend could serve as a buying opportunity for investors with high risk tolerance.
Most analysts attributed the latest crypto market turmoil to the recent whale sell-off involving a Satoshi-era whale. The early Bitcoin adopter notably sold around 10,000 BTC worth $1 billion. The event catalyzed FUD, as speculations spread like wildfire that more whales, especially those who have entered early in the game, may be looking to cash out on their long-term investment.
Adding fuel to the defeatist tone was the $1.3372 billion net outflows in spot Bitcoin exchange-traded funds (ETFs) following a massive dumping during the October 29 to November 3 trading days.
Bitcoin’s Silver Lining
All hope is not lost, though, as US President Donald Trump dropped a bombshell that could set a positive note for Bitcoin. In a recent interview, the crypto-friendly president said China is getting “very big” into Bitcoin and crypto “right now.” Nevertheless, he assured that he wanted to make the US number one in this aspect.
Furthermore, popular analysts Markus Thielen, CEO and Head of Research at 10x Research, and Tom Lee, Chairman of Bitmine and co-founder and Head of Research of Fundstrat, believe that Bitcoin may be at its last leg of a market shakedown. Barring any other unforeseen factors, the two projected that BTC may significantly recover soon, with Lee plotting $150,000 to $200,000 as the next frontier for the asset by year’s end.
Disclaimer: The facts presented in this article are only for informational purposes. They do not serve as financial advice or product recommendations from the author or the Blockzeit team.
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