NVDA - Bitcoin Ethereum Dogecoin Retrace On Fears Of $240M Sale By US Government: King Crypto Should Reclaim $62K Soon To Avoid Another Pullback Says Analyst | Benzinga
The cryptocurrency market edged lower Wednesday over fears of a potential sale of $240 million worth of Bitcoin by the U.S. government.
What Happened: Bitcoin trended downward, slipping below $61,000, following the modest bounce to $62,000 in previous trading sessions. The pullback followed the transfer of about 3,940 Bitcoin, valued at $240 million, by wallets linked to the U.S. government to cryptocurrency exchange Coinbase.
The second-largest cryptocurrency, Ethereum, also retreated from the advances made on Tuesday.
About $93.78 million in futures positions was wiped out in the last 24 hours, while as many as 34,986 traders were liquidated. Almost an equal amount of bullish and bearish bets were liquidated.
The correction triggered a 1,34% decline in Bitcoin's Open Interest to $32.12 billion, typically interpreted as a bullish signal.
About 54% of the traders in the market were bullish on Bitcoin's prospects, while 29% were bearish. Nearly 17% of the market ...