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Futures traders cleared 10 billion Baht after bitcoin price dipped below $48,000.
Bitcoin price continues to drop after falling below $50,000 on Tuesday. Recently, Bitcoin has fallen below $48,000 as a result of futures traders who collectively cleared more than $300 million, or about 10 billion Baht, in 4 hours.
During yesterday’s session, bitcoin dropped to $49,500 before abruptly falling back below $48,000 today.
In the early hours of this morning, the bitcoin price fell sharply, reaching a low of almost $46,060.31, before slowly rebounding slightly.
At the same time, the financing rate on the futures market has risen dramatically. This indicates that most traders had too much confidence in the uptrend until the price plunge to liquidate the long position finally occurred.
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Thursday, December 30, 2021