Bitcoin has been seeing consecutive declines for the last three days, and this has caused more volume to be sent to exchanges.
The price decline that Bitcoin is facing currently has led to large liquidations of long positions in the past few days.price has left traders in long positions vulnerable. With BTC’s price declining further and crossing critical thresholds, many holders are liquidating their positions.AMBCrypto’s analysis of the Bitcoin liquidation chart on Coinglass indicated that long positions bore the brunt of the liquidations, with approximately $100.3 million being liquidated on the 1st of May.
According to Crypto Rank’s data, long liquidations represented over 80% of the total liquidations recorded on the 1st of May. As of the time of this writing, nearly $13 million had been liquidated in long positions, while short liquidations amounted to around $2 million.Exchange Netflow indicated a notable increase in the number of assets being sent to exchanges, suggesting increased selling activity. The number stood at 1200 on the 1st of May.Further analysis of the BTC flow revealed an inflow of over 32,300. These figures suggested an ongoing trend of increased BTC being sent to exchanges.
At the time of writing, BTC was trading at approximately $57,740, showing a less than 1% decline. This prolonged price decline has further entrenched a bearish trend, as indicated by its Relative Strength Index .Adewale is a full-time journalist at AMBCrypto. While he is increasingly fascinating by the world of blockchain and cryptocurrencies, Adewale holds a degree in International Relations.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bitcoin’s ‘different’ halving – Why miners aren’t selling their usual BTCsBitcoin miners have reduced selling pressure ahead of halving and experts feel that this could be beneficial in the short term...
Read more »
MicroStrategy’s Bitcoin purchase – Can 122 BTCs push it to $70K now?Microstrategy acquires Bitcoin amidst falling prices and dropping of metrics such as the asset’s hashprice, which have created a crunch.
Read more »
Block to Flip 10% of Bitcoin Profit Into Bitcoin InvestmentsBlock Inc. lifted its full-year profit guidance and revealed plans to invest a portion of its profits from Bitcoin back into the assets, as Jack Dorsey’s company bets big on the currency’s future.
Read more »
Bitcoin (BTC) vs. Memecoins: Navigating the Bitcoin (BTC) (BTC) Investment LandscapeOne such memecoin that has garnered significant attention is Shiba Budz (BUDZ). Introduced as a playful spin-off of the Dogecoin phenomenon..
Read more »
Asset Managers Slash Mexican Peso Longs by the Most in 16 MonthsInstitutional asset managers slashed their long positions on the Mexican peso as investors unwound carry trade bets on what was until a week ago the best performing currency in emerging markets this year. More may be to come.
Read more »
Bitcoin has 'perfect correlation' with ETF flows: StrategistBitcoin's (BTC-USD) halving, a once-every-four-year event that divides the rewards for mining bitcoin and limits the number of bitcoin in circulation...
Read more »