The Bitcoin bull mania is experiencing massive turbulence for the moment. The reclining position turned into a steep following the massive selling pressure. A few days ago, famous TV anchor and former hedge fund manager Jim Crammer sold out a big chunk of his Bitcoin stash, claiming that he wanted to pay for his mortgage.
Meanwhile, a shrewd crypto insider David Schwartz, co-founder of Ripple Labs, also exclaimed in a tweet that his Bitcoin holdings shrunk down to a mere 2 percent. There are a lot of speculations that have been going on in the crypto markets. The HODLers are no longer showing diamond hands, and the Bitcoin continuous to travel towards gravity.
There have been telltale signs of a bear market run with like the Coinbase download crash at the Apple Store. The same behavior was witnessed during the 2017 Bull Run when the flagship currency was doing the final rounds of its upsurge streak.
The massive fall in price could be the result of the recent Bitcoin dumping by miners on the markets that have been halted for a few years now. The Bitcoin holders have decided against waiting for another round to watch the digital currency take the Bull by the horn and opt out by selling their hoards. This time presents a good opportunity for the investors who wish to increase their BTC holdings for the long term.
Massive Bitcoin Trading Volume on Crypto Exchanges
There are buyers, and there are sellers for the leading coin in the market. The current drop in value has prompted long-term holders to liquidate their positions. In total, approximately $9.6 billion in BTC liquidated in the previous 24 hours. The flagship coin initially collapsed to a deep steep position of $51K earlier in the day, but since then, it has managed to get corrected at $56K.
The flagship currency is holding on to its support range once again, and the rise of the trading volume has managed to bring more stability to the blockchain beacon asset. The largest amount of liquidation positions occurred at Binance, with $4.7 billion BTC sales making up for 49 percent of all the liquidation movement.