Crypto Face shorts $5 million in Bitcoin, setting a liquidation point at $64,500 amid a bearish market.
Bitcoin faces pressure as miners sell 30,000 BTC and ETFs see $1 billion outflows in June.
Despite short-term volatility, analysts predict Bitcoin could surpass $100,000, boosting Crypto Face’s portfolio.
Anonymous streamer known as Crypto Face has placed a $5 million short position on Bitcoin. This trade comes with a liquidation point set at $64,500. Crypto Face, who holds the world record for the most profitable cryptocurrency trade ever live-streamed, has taken a significant risk amidst a bearish market for Bitcoin.
BREAKING NEWSANONYMOUS STREAMER – CRYPTOFACE – IS SHORT $5M WORTH OF BITCOINHIS LIQUIDATION SITS @ 64.5k pic.twitter.com/pGFC6znuIg
— ChimpZoo (@ThinkingBitmex) June 26, 2024
Crypto Face’s Trading Prowess
Crypto Face is renowned for his high-stakes trades. He not only boasts the record for the most profitable trade but also for the largest loss ever recorded in a live-streamed trade. His current short position is drawing significant attention, especially given the current market conditions.
Market Conditions and Influences
Bitcoin has faced substantial selling pressure recently. Several factors contribute to this bearish trend. Notably, Bitcoin miners have been offloading their holdings. Reports indicate that approximately 30,000 BTC, valued at around $1.8 billion, have been sold by miners in the first three weeks of June. This significant sell-off by miners is one of the key factors driving Bitcoin’s price down.
In addition to the actions of miners, Bitcoin exchange-traded funds (ETFs) have experienced notable outflows. Since June 15, nearly $1 billion has been withdrawn from Bitcoin ETFs. These outflows have further exacerbated the downward pressure on Bitcoin’s price.
Furthermore, the German government has been selling its Bitcoin holdings. Over $200 million worth of Bitcoin has been sold, with the government still retaining a substantial amount valued at over $2.8 billion. This additional selling by the German government has added to the market’s downward momentum.
Current Bitcoin Market Status
At press time Bitcoin was trading at $60,888.52, with a 24-hour trading volume of $21,805,339,418. The cryptocurrency has seen a 1.03% decline in the last 24 hours. The current market environment suggests a period of volatility and uncertainty for Bitcoin in the short term.
Long-Term Outlook
Despite the current bearish trend, many analysts remain optimistic about Bitcoin’s long-term prospects. Predictions suggest that Bitcoin could eventually surpass the $100,000 mark. If this occurs, Crypto Face’s Bitcoin portfolio could see substantial gains. Crypto Face’s daring trade highlights the high-risk, high-reward nature of cryptocurrency trading.
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