Earlier today, the price of Bitcoin fell, after experiencing significant increases over the weekend.
This Monday, the price of Bitcoin fell suddenly, after having experienced a weekend full of big price increases. It registered new highs for the market-leading cryptomone currency, when it reached $34,300.
Bitcoin, lost support at the $30,000 mark this morning, the historical highs gave way to a rapid decline in its price.
The decline accelerated after a faltering trading performance on Sunday night. Altcoins rose to take an increasing share of BTC’s market capitalization dominance.
At the time of writing, the price of Bitcoin fell to USD 31,605, registering a downward variation of -3.27% according to our online crypto tool.
Binance US CEO Predicts Bitcoin to Reach $100,000 by 2022
Catherine Coley, CEO of Binance US, one of the world’s largest crypto-currency exchanges, sees BTC’s current bull run as a sign that crypto could reach a price of up to USD 100,000.
In statements to the KLTA news agency yesterday, Coley said that the recent spike in the price of the BTC, which went from USD 19,000 to over USD 34,000 in less than a month, may be due to an increase in the number of institutional investors interested in the cryptoactive.
He added that the crypto space could be experiencing an “accelerated” rebound based on what happened before the 2017 upward cycle.
“Where we may think that maybe $50,000 made sense, this number will definitely be a little higher than that in my opinion,” Coley said.
“I think we’re looking at $75,000 or $100,000 per BTC by the end of 2021.
BTC price drop costs Binance traders a record $190 million in settlements
According to Glassnode, futures traders with long positions lost a total of $190 million in Binance alone in a single hour. Which is the largest amount ever.
The figures underscore the current face of Bitcoin, as it hovers around new all-time highs and together with Ethereum becomes the hottest ticket to 2021.
The long positions had seen almost unbridled success for much of December and into the new year. There was little resistance. Despite warnings from several analysts that the bullish run could not last forever, many traders took considerable risk. Betting heavily that the new highs will continue.
“190.000.000 USD (in long positions) were liquidated in Binance in 10 minutes. The highest value to date,” said Glassnode along with a chart showing Binance settlements.
Ethereum exceeded USD 1,150 and is the highest level since January 2018.
The price of Bitcoin fell below US$ 29,000.
In the last 7 days the price of Cardano (ADA) has increased by 29%.