Bitcoin falls below $ 50,000, in early October, after a weekend scuffle


Hong Kong: Bitcoin It returned to around $ 49,000 on Monday, down 1.5% on the day, as traders suffered losses after a brutal weekend in which the value of the world’s largest digital asset at one time lost more than a fifth of its value.
Rout sent the price of Bitcoin and the amount invested in Bitcoin futures back to where it was in early October, before a massive price increase that sent the token to an all-time high of $ 69,000 on November 10.
“Our expectation is that the rest of Q4 will be a tough month; we are not seeing the strength in Bitcoin that we normally see after one of these crushing days, the leverage markets have been completely reset, and the open interest in the leverage markets has been completely reset. . “Said Matt Deb, Chief Operating Officer Stackfund.
Crypto Data platform Coinglass Showing open interest – the total number of futures contracts held by market participants at the end of the trading day – was last તમામ 16.5 billion on all exchanges, up from $ 23.5 billion on Thursday, and $ 27 billion on November 10.
Traders said the fall of the week was linked to concerns about risky assets in traditional markets as well as concerns about the omicron variant of the new coronavirus, which had lower trading liquidity.
As prices fell further, investors who bought Bitcoin on the margins closed their positions on the exchanges, causing sales to decline. A series of retail-centric exchanges closed more than $ 2 billion in long-term bitcoin positions on Saturday, according to Coinglass.
Some exchanges allow merchants to place bets up to 20 times the size of their investment, which means that a small step in the wrong direction can liquidate the exchange client’s position when their initial investment is exhausted.
Bitcoin’s rival Ether, the world’s second-largest cryptocurrency that underpins the Ethereum network, was also hit on Saturday, but less severely.
It last traded at $ 4,112, up from its November 10 high of, 4,868, but it has consistently outperformed its major rivals.
One ether last bought 0.086 bitcoins, the highest since May 2018.

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