$BTC
Bitcoin has truly made people sweat these past couple of days!
On Thursday, it finally surged to $100,000, but before long, it came crashing down like a roller coaster, dropping back down almost to $92,000. By Friday, it was still hovering around $97,680, making that $100,000 breakthrough feel like a beautiful dream that vanished upon waking.
In just 24 hours, Bitcoin was wildly sold off, and the entire cryptocurrency market suffered as well, losing over $900 million! Especially for those traders who were long, it must have been incredibly painful.
This drop in Bitcoin directly “smashed” out $498 million, with $421 million being the money of those long traders who were initially full of hope.
So why did Bitcoin suddenly “collapse”?
First, we need to talk about the “leverage cooling.” The trading volume and open contracts for Bitcoin skyrocketed, making everyone feel like it was about to soar.
But unexpectedly, even though Tether printed $1 billion on Ethereum, this trading volume was still not enough compared to the hype on social media, causing Bitcoin to drop suddenly.
Then there's the “mixed doubles” of whale investors and retail traders. Whale investors saw Bitcoin rising and quickly sold to take profits; meanwhile, retail traders, foolishly thinking it would continue to rise, kept charging in.
Just like Meitu, which suddenly sold all 948 Bitcoins. However, some whale investors, after Bitcoin dropped, hurried to buy back in, waiting for the new bull market to profit.
Finally, we have to mention those altcoins. With Bitcoin's drop, they became happy, all rising in response. The entire altcoin industry’s market cap surged by 3%, while Bitcoin’s market dominance dropped by 1 percentage point. Especially Ethereum, which is close to reaching its historical high!
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