February 24, 2021

Bitcoin plunges 10%, where will the correction stop?

Bitcoin plunges 10%, where will the correction stop?

Bitcoin (BTC) experienced a shock drop the night before. The $ 58,000 coin dropped in value to $ 52,000. Then, on some trading floors saw a painful pullback below $ 50,000.

However, BTC quickly gained support and was able tostop the deeper fall. On Tuesday, February 23rd, the bitcoin rate is holding around $ 50,000. Trading in the red zone is still ongoing, so the pressure in the coming hours may increase.

US Treasury Secretary Janet Yellen in the pastMonday “added fuel to the fire” by calling BTC a speculative instrument. She stated this during her speech at an event organized by the New York Times.

David Lifshitz from the French company ExoAlphabelieves a 15% correction was inevitable. According to this expert, the market was so overheated that the only way to let off steam was a massive sell-off of the cryptocurrency.

Simon Peters, an analyst at eToro, shares a similar view. He stressed that in recent days, almost all digital currencies were in the overbought zone.

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Correction has become a logical conclusionaggressive pumping of virtual assets. The fall may turn out to be more significant if the bears gain control over the market within the next day, the analyst noted.

The volume of liquidations on crypto-exchanges amounted to $ 4 billion

Sharp price correction led to multi-billion dollarliquidation of positions in the crypto derivatives market. Over the past day, the total amount of liquidations on crypto exchanges reached $ 3.98 billion. The largest liquidation occurred on the Huobi crypto exchange - almost $ 21 million in the bitcoin market.

Last week, FTX CEO SamBankman-Freed said the cryptocurrency futures market is currently overheated. If this level of activity in the market continues, then multi-billion dollar liquidation days will become the new norm, Paolo Ardoino, CTO of Bitfiex crypto exchange, noted in a comment to The Block.

Where is it more profitable to buy bitcoin? TOP-5 crypto-exchanges

For a safe and convenient purchase of cryptocurrencies with a minimum commission, we have prepared a rating of the most reliable and popular cryptocurrency exchanges that support deposit and withdrawal of funds in rubles, hryvnias, dollars and euros.

The reliability of the site is determined by the trading volume andthe number of users. By all key metrics, Binance is the largest cryptocurrency exchange in the world. Binance is also the most popular cryptocurrency exchange in Russia and the CIS, since it has the largest turnover of funds and supports transfers in rubles from bank cards Visa / MasterCard and payment systems QIWI, Advcash, Payeer.

Especially for beginners, we have prepared a detailed guide: How to buy bitcoin on a crypto exchange for rubles?

Rating of cryptocurrency exchanges:

# Exchange: Website: Rating:
1 Binance (Editor's Choice) https://binance.com 9.7
2 OKEx https://okex.com 7.4
3 Exmo https://exmo.me 6.9
5 Huobi https://huobi.com 6.5
5 Yobit https://yobit.net 6.3

The criteria by which the rating is set in our rating of crypto-exchanges:

  • Work reliability - stability of access to all platform functions, including uninterrupted trading, deposit and withdrawal of funds, as well as the period of work on the market and the daily trading volume.
  • Commissions - the size of the commission for trading operations within the site and the withdrawal of assets.
  • Feedback and support - we analyze user reviews and the quality of technical support.
  • Convenience of the interface - we evaluate the functionality and intuitiveness of the interface, possible errors and failures when working with the exchange.
  • Platform features - availability of additional features - futures, options, staking, etc.
  • final grade - the average number of points for all indicators, determines the place in the rating.

Bitcoin plunges 10%, where will the correction stop?

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