Bitcoin plummets to $27,000 after a huge sum of long positions liquidated


 “I know you guys aren’t really panicking about #Bitcoin, but in case you are… One River ($1.6B fund) bought $600M & will buy $400M more Guggenheim ($5.3B fund) will buy $530M SkyBridge ($9.2B fund) bought $182M Ruffer ($27B fund) bought $744M MassMutual ($675B AUM) bought $100M.” Mow added in another tweet.

Ironically, popular Bitcoin traders such as Dan Held, suggested that the Bitcoin dip was a chance to buy the coin and the investor addressed his Twitter followers saying: “That was your Bitcoin dip. Did you buy?”

Meanwhile, the price of Ethereum (ETH) increased by 22% and reached $1,161 for the first time since January 2018. But its price quickly correct to below $900 afterward. The ETH correction was due to the large funding and compact sell orders at a key resistance level. 

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Furthermore, Daniel Moss, an analyst at DailyFX commented: “The long-term outlook for both bitcoin and Ethereum remains skewed to the topside. However, both cryptocurrencies could be at risk of a near-term pullback as their respective surges appear relatively overextended.”