Bitcoin’s long liquidations on 26 April soared to their highest level so far in April. The liquidations also triggered a sharp drop in the estimated leverage ratio as leverage traders quickly shifted to the side of caution.
Is your portfolio green? Check out theTo put things into perspective, Bitcoin’s market cap fell by roughly $49.13 billion from its highest point on that day. This officially makes 26 April the most volatile day in the last seven days. Note that, despite the sharp crash the market cap recovered slightly.The $30,000 retest attracted an unusual amount of volatility.
Many traders saw the recovery as a sign of demand and a possible push past the resistance range. As such, many traders in the derivatives segment were convinced that Bitcoin would offer a good rally, hence they embraced leverage. This explains why Bitcoin’s recent slap-down resulted in heavy liquidations.
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