PakGazette – The cryptocurrency market, and in particular the price of digital assets, remains a wild goose chase. For example, after huge price swings in the last 24 hours, total liquidations in the perpetual futures segment reached $1.24 billion, one of the largest this year.
Of course, the focus was mainly on (BTC) as the leading cryptocurrency. The price action in BTC, which took a roller coaster ride from a high of $106,500 to a low of $99,651, caused the most pain to traders, with $261 million in margin positions, according to CoinGlass.
Most of this, of course, was on the long side: $161 million, with another $100 million “donated” by bears who had failed in their investment decisions.
However, 12 hours later, the price of the leading cryptocurrency was already above previous highs. More importantly, according to Binance data, it was reaching an all-time high of $109,588.
Given the chain of events that took place over the course of this past weekend, it was highly doubtful that Bitcoin would renew its all-time high. But here we are.
What will happen next remains a mystery. There are too many questions and few or no answers. First, does the fact that BTC renewed its all-time high change the bearish narrative that has driven the cryptocurrency’s price the most this month?
It is widely believed that when market sell-offs reach $1 billion, it usually means a reset and a new beginning. But as everything takes on a new, more sophisticated shape, opinions and interpretations of those brands may also need to change.
