The last 24 hours the markets were not as expected. The US cryptocurrency trading session wasn’t that great for Bitcoin as it fell sharply by 17 percent reaching nearly $8,000 before stabilizing. The sharp sell-off was attributed to negative sentiment surrounding the digital coin. As a result, $13.2 million shorts and $713,8 million longs were liquidated on Bitmex, according to Datamish.
Not All Gloom and Doom
Data from Grayscale indicate that their assets under management (AUM) has also experienced a drastic move leading to the AUM ($BTC ) decrease by $214 million.
Whereas data from Reddit user @bytetree shows that a $1.2 billion transaction caused an 11 percent fall. However, some investors did utilize the opportunity to create fresh positions.
For instance, Morgan Creek Digital Co-Founder and Partner Anthony Pompliano in a tweet stated that he purchased Bitcoins during the sharp fall while Co-Founder of Gemini Tyler Winklevoss asked investors to open new positions.
PRO TIP: Buy the dip!
— Tyler Winklevoss (@tylerwinklevoss) September 25, 2019
Bitcoin might have seen a sharp selloff. However, it has recovered more than 90 percent of its price to currently trading at $8,406. It is trading above its 5-Day SMA of $8,398.2 with 14-Day RSI at 28.778. The digital currency would continue to face selling pressure in near-term unless the sentiment improves.
Bakkt Saw an Increase in Contract Volume
Price discovery unfolding before our eyes
On our second day of operations, totally transparent trading in monthly Bakkt Futures Contracts shows Bitcoin ending the day at $8,560 on 166 lots changing handshttps://t.co/QRpGj5wV4M
— Bakkt (@Bakkt) September 24, 2019
The second day of futures trading on Bakkt saw 166 lots (that’s equivalent to around $1.4 million worth of BTC) changing hands in comparison to 71 during the first 24 hours of trading.