A Happy Thanksgiving Bitcoin (BTC) haters: there’s nothing like a huge red daily candlestick to light up their day. For the 20,000 USD, we were almost there, but it will really take patience and resilience. The date of November 26, 2020 has just gone down in BTC history – a date to mark with a hot iron that we will not soon forget.
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Whale support, over?
A daily loss of over $ 2,300 in sight: Bitcoin is trading at $ 16,768 at the time of writing. He had opened the day for 18,667 USD. The BTC is currently registering a drop of over 12%.
The BTC suffered the effects of today’s cascading liquidations. While the price of Bitcoin was collapsing, the amount of BTC sent to exchanges – including Coinbase who escaped the shutdown this time? – simply exploded.
For the CEO of CryptoQuant, Ki Young Ju, whales are responsible for this crash in the price of BTC.
Open interest on derivatives BTC had hit ATH before today’s big crash.
Institutionals have apparently decided to take advantage of the bullish rally in BTC which had taken him to above $ 19,400.
According to data from Glassnode, Binance saw a $ 425 million liquidation of derivatives BTC, at 3 a.m. and 8 a.m. UTC.
Peter Schiff’s turkey
Peter Schiff have an excellent Thanksgiving. Of course, he didn’t miss a tweet today, with a twist anti-bitcoin tasty – he will probably season his turkey with.
Peter Schiff indicated that it was because he understood well Bitcoin that it was left out. According to him, in all bubbles, people who do not participate are called “crazy” but after the bubble, the “real crazy” are then exposed.
Source : Image via Twitter
We will have to wait a little longer to see if the $ 16,000 will hold and if the bulls are strong enough to resume racing after today’s bloodshed in the markets.
Can bitcoin really count on institutions for a sustainable rise to new ATHs – now is not the time to talk about the 100,000 USD ? A few whales with great powers, we are once again far from the ideal of decentralization. Is 21 million bitcoiners each holding on average 1 BTC much better?
Litecoin, welcome in the Silver Age