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Bitcoin Continues to fall as Crypto traders burn their fingers trying to make a killing

Bitcoin
Bitcoin

Crypto traders have burned their fingers trying to make off a killing Bitcoin down by 1.38 percent at $$41,759.24; SHIB up by 0.54 percent at $0.00002952 as per coinmarketcap data.

As the Crypto trading volumes jumped by 37.03 percent to $139.93 billion, the primary crypto tokens which dominated the crypto markets are seeing a downfall. The Global crypto market has tanked by .90 percent at $1.98 trillion, according to Coinmarketcap data.

Bitcoin

Bitcoin

The Coindesk detailed the process of Crypto liquidation where brokers are forced to sell or buy. It depends upon their clients’ long or short crypto positions to close the trade. It happens because of the lack of additional margin payments. As the traders tried to buy in the falling price scenario employing leveraged transactions, they diluted their capital further as crypto prices slid even more. It resulted in a loss of over $182 million to them, of which $22 million was due to short positions.

Bitcoin (BTC) volume surge but values fall

The numero uno crypto, Bitcoin saw its trading volume surge by a massive 162.64% at $76,908,855,650, its value tanked by 1.38 percent at $41,759.24. It may have been due to forced liquidation by various crypto brokers and institutions.

Gaurav Dahake, CEO, Bitbns, said that Bitcoin continues to hover at a three-month low, hinting that there is retracement in global equity markets. Therefore, a breach of support levels for either Bitcoin or Ether will be crucial.

Something similar with Ethereum (ETH) is down by 4.54 percent at $3,211.17. Its volume to market cap ratio stands at 0.0639. Cardano (ADA) also tanked in values by 2.76 percent to $1.22. Finally, Algorand (ALGO), touted as the Ethereum killer, has sunk by 3.83 percent at $1.44; its market cap now stands at $9,281,552,866.

Solana denies of DDOS (Distributed Denial of Service) attack

Important news is that Solana (SOL) has rejected any DDOS (Distributed Denial of Service) attack on its blockchain. It blamed the outages in consumer transactions on high computer processing power usage, which their developers are looking into on a priority basis. Its values also took a beating and were down by 3.43 percent at $138.89 as 8.44 am.

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