Crypto Market Faced $1 Billion Liquidation: Experts Share Insights on What Comes Next
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On Monday, the crypto market saw over $1 billion in liquidations, pushing the fear and greed index into extreme fear. Bitcoin's price briefly dropped to $49,000, leading to panic but later rebounding to nearly $57,000. Analysts advise caution as new capital inflows are absent, making the market a zero-sum game among traders.
Markus Thielen from 10X Research highlights that the sell-off reduced leverage significantly. CryptoQuant's report shows the MVRV ratio below its 365-day moving average, indicating potential for further decline or a bear market. Eugene Ng Ah Sio stresses tight risk controls.
Contrary to the general fear, Raoul Pal is optimistic, citing historical patterns of recovery following significant corrections. Ki Young Ju, CEO of CryptoQuant, notes significant Bitcoin accumulation by long-term holders, hinting at possible future institutional announcements that could impact the market.
Source: beincrypto.com ↗
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