The bitcoin price has fallen back below its target price of $50,000 as $2 billion worth of crypto long positions were liquidated in recent days.
Price data shows that the bitcoin price began to shake at 22:00 UTC time on Wednesday, May 12, falling to a previously visiting price of $46,000 base Coinbase Pro. although the BTC price quickly regained strength to around $51,000.
Bybt-Cryptocurrency Derivatives Data | Bitcoin effect
When analysing price data from Bybt-Cryptocurrency Derivatives Data (Bybt), we see that around $2 billion in crypto futures open purchase trades got liquidated during the last hour $1.12 billion of them representing BTC positions.
The broader crypto industry is also having major falls during the last 24 hours, according to the charts on CoinGecko website. The top ten cryptocurrencies based on their market cap are all dropping around 5% to 17%. And Dogecoin is leading the trend down.
Shiba Inu meme coin is now down around $0.4, which is a 40% drop from its recent high of over $0.7. Shib, the other Shiba meme coin that has been hailed as a rival to Dogecoin, is also down 30% in the last 24 hours to $0.00001853. Yes, more than 50% from its recent peak amid. Representative of a dog coin phenomenal on the market last week price action.
In the other hand, there was a market price reaction to Elon Musk tweet:
That Tesla will stop taking bitcoin for electric car payments due to environmental concerns.
As you can see, Billioneer Mr Musk said that Tesla is concerned about the “rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal.”
The unanticipated announcement came just about two months after Musk confirmed on Twitter that Tesla would accept Bitcoin as a payment option. What happened there? Are you happy with Tesla’s response to the Bitcoin uptick? How do you think Bitcoin will survive this new blow? Let us know your thoughts in the comments below.