Abuja, Nigeria – Wetin happen for the crypto world no be small matter. E be like say $1.8 billion don waka go as overleveraged traders don suffer the wackiest long liquidation wey this year don ever see! Yesterday, wey be Monday, over 370,000 traders sure say dem go chop belleful; instead dem just dey vex as dem liquidate everywhere.
Many pipo dey blame technical factors for this wahala, instead of say market fundamentals dey crash. But wetin person go expect? Market no dey play and crypto na the real street fighter now! Ether and Bitcoin na the main culprits, but no be only dem dey waka, because altcoins join di party for the hammering.
The crypto market capitalization tanked by over $150 billion (no be joke!), as Bitcoin fall come land below $112,000 for Coinbase, while Ether drop below $4,150. Dis na di biggest pullback since mid-August and just dey remind everybody say owomowooo, no be here wey we go dey play again.
But as dem say, while all dis gbege dey show, e be like say di dust don settle small. Major assets don find some support, but abeg, make we no begin celebrate too early because plenty pain fit still dey come. Veteran analyst Raoul Pal dey yarn say na dis kind something dey happen all di time. Dem dey always get ready for big breakout but when e no happen, na so everybody go dey liquidate. Na after di wahala dem go find di real bump for market.
CoinGlass don report say dis na di biggest liquidation event for dis year. Dem don experience similar wahala for April and August, wey pipo just dey shed hundreds of billions like say dem no get sense. Researcher “Bull Theory” don talk say di flush na because of excessive leverage from altcoins; dem just dey overshadow Bitcoin like wetin. Liquidations for Ether don pass $500 million, wey be more than double wetin Bitcoin positions don lose!
Nassar Achkar wey be Chief Strategy Officer for CoinW exchange talk say dis flush out fit just be one small adjustment instead of say long-term bull run don start dey waka back. He dey believe say di future still dey shine for Bitcoin as e get room to grow. Meanwhile, IG market analyst Tony Sycamore dey talk say Bitcoin no dey follow tech stocks or gold again lately, and dat one fit dey due to technical factors wey dey play hide and seek with am.
Sycamore dey empathize say e make sense if Bitcoin fit dip back to di $105/100k support zone, especially di 200-day moving average wey show $103,700. (E be like say some weak hands need make dem flush out before we go see di real deal). If dem fit run am like dat, e go set up sweet buying opportunity before year end.
Bitcoin don only correct by 13% for September since di peak wey happen for mid-August. Currently, di drop from di all-time high na just 9.5%, even though dis week don show some gbege, e no dey too bad compared to previous bull market pullbacks. Na tru, BTC don fall in 8 of di past 13 months of September, but so far e dey still up about 4%. Dem dey always shine better for di (insert magazine or historical context here).
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