Bitcoin (BTC) experienced a significant drop in price which resulted in the largest liquidation of long positions in recent times. However, this market shakeout is seen as a positive development by analysts at CryptoQuant, as it has cleansed the market and brought an end to the uptrend in Bitcoin Futures Open Interest. The analyst believes that while there may be more periods of high volatility ahead, whales will be able to restore the market's stability. The Coinbase Premium and Kimchi premiums remained positive throughout the market drop, indicating strong buying efforts from large players. As of now, Bitcoin has recovered to $98,500, almost reversing the losses it incurred during this dip.



Other News from Today