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$1 Billion Liquidated as Bitcoin Price Crashes by $1.4K in Minutes
The BTC price and Ethereum price plunged by 13% and 21%, respectively, within minutes on Aug. 2.
The move liquidated more than $1 billion worth of futures contracts as BTC/USD dropped from around $12,000 to as low as $10,550.
There appear to be two main reasons behind the sudden cascade of liquidations.
First, the volume in the cryptocurrency market tends to drop during weekends.
Second, the market was heavily swayed to longs or buyers.
In other trending Bitcoin news today:
Joe Rogan Says Bitcoin Is Transformational, Tells Audience of 200,000,000 to Get on Board
Prominent podcaster Joe Rogan is urging his audience of 200 million to buy Bitcoin and start stacking sats.
On the opening salvo of episode 1,515 of the Joe Rogan Experience, Rogan promotes Bitcoin as part of a Cash App advertisement.
Rogan touts Cash App’s ability to let users to automatically purchase Bitcoin at different intervals based on their preferences.
“With the Cash App, you can automatically purchase bitcoin, daily, weekly or even bi-weekly, known in the industry as stacking sats. Sats is short for Satoshi – the legendary person who created Bitcoin…
Bitcoin, what it is for sure, is a transformational digital currency that acts as a decentralized peer-to peer-payment network powered by its users with no central authority. I love it. I wish it was the way we exchanged currency and maybe it will be in the future. Get on board.”
$20,000 Won’t Pose Any Resistance for Bitcoin Price, Says Max Keiser
According to Heisenberg Capital founder and Keiser Report host Max Keiser, the price of Bitcoin (BTC) would soon rally to $28,000.
He believes the all-time high of BTC at $20,000 likely won’t act as resistance.
Keiser, who is an early investor in unicorn Kraken and $100-million-worth Bitstamp, said:
“The $20,000 level for Bitcoin won’t pose any resistance. We won’t see any resistance till $28,000. A brief pullback then the assault on $100,000 begins with renewed vigor.”
In the past 12 days, the price of Bitcoin has increased from $9,200 to $12,000, marking the highest price in over a year.
The cryptocurrency market is benefiting from the strong momentum of Bitcoin and Ethereum’s Ether.
Keiser reaffirms his $100,000 Bitcoin prediction Throughout the Bitcoin rally in the past month, Keiser has continuously reaffirmed his position on the medium-term trend of BTC.
He expects BTC to eventually surpass $28,000, and shoot for a new all-time high at six figures.
In late July, when the price of Bitcoin first broke out of $11,000, Keiser said a six-figure BTC is likely.
Since then, BTC has confirmed $10,400 as a key support level, maintaining its momentum. He said:
“$28,000 is in play before we see a pullback – and then we’re heading to 6-figures.”
DataDash: Two Crypto Newcomers Will Surge Alongside Bitcoin, Ethereum and XRP in New Bull Cycle Crypto analyst Nicholas Merten says two mid-cap crypto assets will soar along with Bitcoin, Ethereum, and XRP as a new bull market emerges.
On the latest episode of DataDash, Merten says a broad correction in the altcoin markets is offering investors a chance to hop in before the next big rally explodes. He says traders should keep an eye on the relative crypto newcomers Cardano (ADA) and Tezos (XTZ) in preparation for the next bullish breakout.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.