Hundreds of thousands of people 'burn' their accounts when Bitcoin breaks the peak

In addition to spot orders, cryptocurrencies also have leveraged trading in the futures market. They use Long (predicting an increase) and Short (predicting a decrease) orders on the price fluctuations of cryptocurrencies. This is a form of investment that carries a lot of risk, even when the market is growing.

Many investors lost money as Bitcoin rose. (Photo: StormGain)

Specifically, on November 21, Bitcoin rose sharply to $97,500/coin, breaking all price records ever set. If we take the one-year mark, the world's largest cryptocurrency has increased by 160%, bringing huge profits to early buyers. However, there are also hundreds of thousands of investors who suffered losses when Bitcoin's price increased. That group "bets" on a downward trend in the derivatives market.

According to Coinglass, in the past 24 hours, more than 400 million USD of futures players have "evaporated" on exchanges. The number of losing players is estimated at about 160,000. Of which, the largest burned order is worth 4.6 million USD, based on the ETH-BTC pair on Binance.

The biggest loser was BTC, with $114 million in losses, mostly from bearish traders. The rest of the market, meanwhile, went in the opposite direction. Those who placed bullish bets on ETH, XRP, DOGE lost money.

Amid market volatility, the amount of assets flowing into futures remains high. Data shows that more than $120 billion in derivatives trading volume was recorded on exchanges in the last 24 hours.

Total assets burned in the cryptocurrency derivatives market amounted to more than $400 million. (Photo: CoinGlass)

However, according to Coinglass's prediction table, the majority of investors are not optimistic about Bitcoin's short-term price movements. More than half of the voters believe that BTC will go down.

Reuters said the latest price increase was a market reaction to news that Donald Trump's social media company was in talks to buy the Bakkt cryptocurrency exchange.

Specifically, the Financial Times reported that Trump Media and Technology Group, the company that operates the social network Truth Social, is about to complete the acquisition of all shares of Bakkt with support from ICE, the owner of the New York Stock Exchange (NYSE).

This news further raises expectations of a crypto-friendly regime under the incoming Trump administration.

(Source: ZNews)

Link: https://znews.vn/tram-nghin-nguoi-chay-tai-khoan-khi-bitcoin-pha-dinh-post1512674.html?

Source: https://vtcnews.vn/tram-nghin-nguoi-chay-tai-khoan-khi-bitcoin-pha-dinh-ar908858.html