Bitcoin and other cryptocurrencies suffered a slide, leading to a billion dollars worth. Bitcoin slipped 22% to about $41,967.5, while Ethereum slipped 10%.
In its analysis, cryptocurrency data platform Coingecko pointed out that the market capitalization for cryptocurrencies (11,392 coins) was more than $3 million.
After the weekend event, the market capitalization of all coins fell by almost 15% to $2.34 trillion. Data from another platform, Coinglass, showed that cryptocurrencies worth almost $1 billion dollars were liquidated.
Justin d’Anethan, head of foreign exchange trading at Hong Kong-based cryptocurrency exchange EQONEX, explained, “Whales in the crypto space seem to have transferred coins to a trading venue, taken advantage of a bullish bias and leverage from retail traders, to then push prices down.”
In his advice for the future, d’Anethan believes that now is the time for the dip. He reiterated, “if anything, this is the opportunity to buy the dip for many investors who might have previously felt like they missed the boat. We can see tether bought at a premium, suggesting people are getting cash ready, within the crypto space, to do just that.”