“Spot market selling seems to have driven the cryptocurrency lower before triggering huge stop loss in the derivative markets”— Paul Ebeling
Bitcoin has fallen some $15,000 over the past 24 hrs. Ether fell around $1,100 over the same time frame.
The leading cryptocurrency reflected a broader drop in crypto markets, according to CoinDesk’s price index, with some cryptocurrencies falling more than 20% over the past 24 hrs. Most of these assets appear to have suffered a sharp decline starting around 04:00 UTC Saturday.
Spot market selling looks to have driven the cryptocurrency lower before triggering huge stop loss in the derivative markets.
Nevertheless, some are using this fall as an opportunity to “buy the dip.” El Salvador President, whose country holds bitcoin on its balance sheet and has purchased coins during previous dips, announced another purchase of 150 BTC for around $48,700 each.
Have a happy, healthy weekend, Keep the Faith!