Crypto: Investors groan after $530 million loss in a day

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Factual Pursuit of Truth for Progress

 

By Francis Ogwo

There seems to be a negative returns in crypto investment as reports say about $530 million worth of Crypto positions got lost in a day.

According to recent sources, the mass liquidation of such trading positions showed such occurred before the flagship crypto dipped around $34,000 today.

The implication is that over the past day, Bitcoin, with the highest dominance rate in the crypto market gained 7% when it moved from $35,500 to nearly $38,000, taking into consideration future demand for the crypto asset could skyrocket.

However, high sell-offs gained momentum immediately Bitcoin touched $38,000 value amid several large sell orders placed around that price.

The Crypto futures became overheated and record sell-offs began leading traders to lose more than $527 million in 24 hours.

At the moment, Bitcoin’s volatility ensured that no firm market direction was in control, as Bitcoin fluctuated around $34,800.

Sequel to the sudden correction seen in the Bitcoin market lately, it had been in on a bullish run relatively.

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