2023-09-01 23:12:08
© Reuters Traders lose BRL 627 million with bitcoin’s drop in the market
Blockmarket – The cryptocurrency market suffered a sharp drop in the last 24 hours, leading to the liquidation of more than US$ 127 million, or about R$ 627 million in cryptocurrencies. The loss occurred in open operations in futures contracts of several digital currencies, according to data from the Bybit platform.
the largest and most popular cryptocurrency, was the main driver of the losses, as it fell below $26,000 for the first time in the past two months.
Bitcoin’s decline was attributed to several factors, including regulatory pressure from countries such as China and the United States. The reduction in demand from institutional investors and the decrease in mining activity may also have impacted the digital asset.
In addition, some analysts point out that bitcoin faces strong resistance in the range of $28,000 to $30,000, which makes it difficult for the price to recover in the market.
Other cryptocurrencies crashed in the market
Among the major coins affected by bitcoin’s slump is ether (), the second-largest cryptocurrency by market cap, which has lost about 3.5% over the last 24 hours. With this drop, ETH is trading at $1,600. (), is down nearly 6%, and dogecoin (DOGE), which is down more than 8% recently.
Despite the sharp correction, some experts argue that the cryptocurrency market still has potential for growth in the longer term, especially if there is greater adoption by businesses, governments and consumers.
Some factors that can boost the price of bitcoin and other currencies are the improvement of the technological infrastructure, for example, the innovation of projects and the greater awareness of the benefits of cryptocurrencies.
However, investors must be prepared to face the high volatility and risks inherent in the cryptocurrency market, which is still relatively new and unregulated in many countries.
Therefore, it is recommended that those interested in investing in cryptocurrencies carry out prior research on the characteristics, advantages and disadvantages of each currency, as well as on the safest and most reliable trading and storage platforms.
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