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Over $700m BTC Got Liquidated, Grayscale’s $BTC AUM Fell by $214m

Over $700m BTC Got Liquidated, Grayscale’s $BTC AUM Fell by $214m
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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.

Image via Unfolded Telegram.

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.

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.

Bitcoin price chart (last 24 hours). Timestamp: 4:25 PM EEST. Image via Coinmarketcap.

Bakkt Saw an Increase in Contract Volume

There was some cheer as far as Bakkt Bitcoin futures go as the contract volumes have doubled on day two.

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.

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Justinas Baltrusaitis

Justinas Baltrusaitis

Justin is an editor, writer, and a downhill fan. He spent many years writing about finances, blockchain, and crypto-related news. He strives to serve the untold stories for the readers.

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