PK Press Club – The cryptocurrency market, and particularly the price of digital assets, continues to be a wild goose chase. For example, after massive price swings over the past 24 hours, total liquidations in the perpetual futures segment reached $1.24 billion, one of the largest this year.
Of course, the focus has been on (BTC) as the leading cryptocurrency. BTC’s rollercoaster price action from $106,500 to $99,651 caused the most pain for traders, with $261 million in margin positions, according to CoinGlass.
Most of that, of course, was on the long side: $161 million, plus another $100 million “donated” by bearish investors who failed in their investment decisions.
However, 12 hours later, the price of the leading cryptocurrency was already above previous highs. More importantly, according to Binance data, it was at an all-time high of $109,588.
Given the chain of events that occurred over the past weekend, it was very doubtful whether Bitcoin would repeat its all-time high. But here we are.
What happens next remains a mystery. There are too many questions and few or no answers. First of all, does the fact that BTC has renewed its all-time high change the bearish narrative that has driven the price of cryptocurrencies the most this month?
The conventional wisdom is that when stock market selloffs hit $1 billion, it usually means a reset and a fresh start. But as everything takes on a new and more sophisticated form, the views and interpretations of these brands may also need to change.
