Anatoly Crachilov, Bitcoin, Bitcoin (BTC), bitcoin prices, BitStamp, BTC pairs, China, Crypto markets, Delta Exchange, Elon Musk, Ethereum, leverage, Markets, Nickel Digital, Over Leveraged, Pankaj Balani, Percentage Losses, Prices, Tesla, Tether, USDT

Digital currency markets have been consolidating after taking some heavy losses during the last few days. Billions of dollars have jumped back into the crypto economy on Thursday, as the overall market valuation of all coins in existence has jumped back to $1.75 trillion on Friday. Bitcoin is resting above the $40k handle but the leading crypto is still down 17% during the last seven days.

Crypto Market Enter Consolidation Phase, Technical Analysis Shows Oscillators and Moving Averages ‘Neutral’ to ‘Strong Sell’

Bitcoin and a number of digital currency markets have been healing and consolidating after taking some deep losses during the course of the last week. Currently, bitcoin (BTC) is down 3% during the past 24 hours and down 17% for the week. Reported volume on Friday shows around $71 billion in global trades, but Messari.io’s ‘real volume’ stats show BTC volume is really around $19.2 billion.

Anatoly Crachilov, Bitcoin, Bitcoin (BTC), bitcoin prices, BitStamp, BTC pairs, China, Crypto markets, Delta Exchange, Elon Musk, Ethereum, leverage, Markets, Nickel Digital, Over Leveraged, Pankaj Balani, Percentage Losses, Prices, Tesla, Tether, USDT
Bitcoin (BTC) dominance on Friday, May 21, 2021, has increased a hair.

The largest trading pair with bitcoin (BTC) today is tether (USDT) as it captures 51% of all trades on Friday. This is followed by the USD (19.58%), BUSD (7.04%), JPY (6.42%), EUR (5.68%), and KRW (2.51%). USDC (2.1%) and GBP (1.7%) are just below the top trading pairs with BTC this week.

Meanwhile, BTC dominance has increased since dropping to a low of 41% earlier in the week. At press time BTC dominance is hovering at around 43.3% while ethereum (ETH) is down to 17.7% today.

Anatoly Crachilov, Bitcoin, Bitcoin (BTC), bitcoin prices, BitStamp, BTC pairs, China, Crypto markets, Delta Exchange, Elon Musk, Ethereum, leverage, Markets, Nickel Digital, Over Leveraged, Pankaj Balani, Percentage Losses, Prices, Tesla, Tether, USDT
BTC/USD chart via Bitstamp on May 21, 2021, at 8:30 a.m. (EST).

Looking at the 4-hour BTC/USD chart stemming from Bitstamp shows most oscillators and moving averages are either signaling neutral or strong sell sentiment. The Relative Strength Index (RSI) is impartial at ~33.11 and Stochastic is nonpartisan as well at 31.63. The two Simple Moving Averages (SMA 100-200) show the short-term SMA 100 dipped below the SMA 200 trendline. This indicates that the path toward the least resistance is currently the downside and bulls seem to be slowing down after meeting stronger hindrances these last few days. Although, the momentum oscillator MACd suggests a stronger buy signal and some more improvement is on the cards going forward.

Analysts Claim Overlevereged Markets Pulled Crypto Prices Down, ‘Most of the Leverage Is Out of the System Now’ Says Delta Exchange CEO

In a note sent to Bitcoin.com News on Friday, Anatoly Crachilov, the cofounder and CEO of Nickel Digital explained that overleveraged positions catapulted the deep losses last week.

“In April, bitcoin’s valuation hit an all-time high, delivering 122% gain from the beginning of the year, while ethereum has demonstrated an even more impressive run of 479%,†Crachilov said. “This rally attracted billions of dollars of both institutional and retail capital. While the former often comes in the form of portfolio allocations, the latter is often driven by speculative considerations, in most cases with the use of significant leverage,†the Nickel Digital executive added. Crachilov further said:

Anatoly Crachilov, Bitcoin, Bitcoin (BTC), bitcoin prices, BitStamp, BTC pairs, China, Crypto markets, Delta Exchange, Elon Musk, Ethereum, leverage, Markets, Nickel Digital, Over Leveraged, Pankaj Balani, Percentage Losses, Prices, Tesla, Tether, USDT

Alongside Crachilov’s commentary, Delta Exchange CEO Pankaj Balani also spoke to Bitcoin.com News to share his insights. Balani is a UBS alumnus that gained financial, derivatives, and quantitative financial experience through his positions at Edelweiss Asset Management and Elara Capital. Balani’s market insight also discussed the overleveraged positions that were liquidated this week.

“The sharp move in BTC on Wednesday was due to massive liquidations. We had pointed out in our previous weekly newsletter that Bitcoin had lost momentum and was looking weak,†Balani wrote on Friday. “There was too much leverage in the system (evident from 40%+ annual premium on bitcoin futures) and as the price started to slip these levered longs went into liquidations. Congestion on chains, downtime on exchanges etc. further added fuel to the fire as traders were not able to furnish margins on time and a cascading effect pushed the price lower.â€

Balani further added that his team believes that most of the leverage is out of the system now and bitcoin should start to form a foundation here. “However, the sharp fall – 40% between Sunday & Wednesday – has eroded confidence and it will take some time for BTC to regain upward momentum. Bitcoin wiped out the bulk of its gains for YTD,†Balani stressed. The Delta Exchange CEO added:

What do you think about today’s crypto market action and recent bitcoin prices? Let us know what you think about this subject in the comments section below.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Du lịch nhật bản, hướng dẫn du lịch Nhật và đánh giá địa điểm Nhật Bản Japan travel news, japan travel guides, japan holiday destinations and japan reviews

RELATED NEWS

Report: Document Shows Specific Bitcoin Miners in Xinjiang Instructed to Shut Down

An official notice stemming from the Changji prefecture government in Xinjiang details that officials from the Zhundong Economic-Technological Development Park must instruct bitcoin miners to shut down. China’s province of Xinjiang is a highly concentrated region of bitcoin miners and bitcoin activities at the park must cease by June 9, according to the document. Nevertheless, […]

Xem chi tiết: Report: Document Shows Specific Bitcoin Miners in Xinjiang Instructed to Shut Down

Hong Kong to Connect Digital Yuan With Domestic Payments System in Cross-Border Trials

Financial authorities in Hong Kong have announced a second phase of trials for mainland China’s digital currency. As part of the upcoming tests, the city will link the Chinese digital yuan to its domestic payments system to evaluate the CBDC’s usability in cross-border scenarios. Hong Kong Residents to Load E-CNY Wallets via Mobile Phones China […]

Xem chi tiết: Hong Kong to Connect Digital Yuan With Domestic Payments System in Cross-Border Trials

Mystery Whale Returns by Moving $35 Million — Miner Transfers 1,000 ‘Sleeping Bitcoins’ from 2010

Two months after the mystery mining whale from 2010 transferred a string of 20 block rewards with 1,000 bitcoin on March 23, it seemed as though the entity was finished, after spending 10,000 bitcoin total. However, it took 78 days for the whale’s next move, as another 20 blocks from 2010 were transferred on Wednesday […]

Xem chi tiết: Mystery Whale Returns by Moving $35 Million — Miner Transfers 1,000 ‘Sleeping Bitcoins’ from 2010

Commodity Strategist Mike McGlone Says $40K BTC Target ‘More Likely’ Than $20K

Bloomberg Intelligence senior commodity strategist Mike McGlone believes bitcoin is “more likely†headed for $40K instead of $20K after discussing the possibility of capitulation in a recent tweet. McGlone’s opinion follows a number of predictions that say bitcoin could drop to the $20K zone if there’s more pullback in the cards. Bloomberg Commodity Strategist Suggests […]

Xem chi tiết: Commodity Strategist Mike McGlone Says $40K BTC Target ‘More Likely’ Than $20K

Crypto Payments App Bottlepay Is Now Available Across Europe

U.K.-based crypto payments provider Bottlepay has started offering services in other European countries. Users on the Old Continent will be able to send and receive even small amounts of euro and also buy, store and spend bitcoin with merchants accepting cryptocurrency. Bottlepay Promises Low-Cost Transactions in Euro and Bitcoin The Bottlepay app will allow Europeans […]

Xem chi tiết: Crypto Payments App Bottlepay Is Now Available Across Europe

Mike Novogratz: Bitcoin Investors Waiting for a New Narrative Shift

Mike Novogratz declared institutional investors are waiting for the next narrative shift in a recent interview at the Bitcoin 2021 conference in Miami. The CEO of Galaxy Digital thinks the market is now in a consolidation phase after the price crash last month. Novogratz also commented on what the rise of defi could mean for […]

Xem chi tiết: Mike Novogratz: Bitcoin Investors Waiting for a New Narrative Shift

NYAG Court Order to Shut Down Coinseed Succeeds, CEO Creates Profanity Token for Attorney General

The crypto trading platform Coinseed is shutting down operations according to a written statement from the company’s CEO Delgerdalai Davaasambuu. A court order secured by New York Attorney General Letitia James told Coinseed to halt all of its operations. Following the announcement of the shutdown, Coinseed’s CEO said he created an ERC20 token called “FLJ†[…]

Xem chi tiết: NYAG Court Order to Shut Down Coinseed Succeeds, CEO Creates Profanity Token for Attorney General

Grand Theft Auto 6 to Feature a Fictional Cryptocurrency

One of the biggest franchises in the videogame industry, Grand Theft Auto, will feature in-game payments of “bitcoin†or another fictional cryptocurrency. Contractors will pay the player with this currency when they need to make anonymous, untraceable payments. This would constitute another push for Bitcoin awareness into mainstream media culture. Grand Theft Auto 6 to […]

Xem chi tiết: Grand Theft Auto 6 to Feature a Fictional Cryptocurrency

Bitcoin Keys Cannot be Hacked: Skeptics Question the Official Colonial Pipeline Bitcoin Seizure Story

Alternative 401(k) Product Offers In-Plan Cryptocurrency Investment via Coinbase Institutional

El Salvador Offers No Capital Gains Tax, Permanent Residence to Crypto Entrepreneurs

White House Tech Advisor Tim Wu Keeps at Least $1 Million in Bitcoin

White House Tech Advisor Tim Wu Keeps at Least $1 Million in Bitcoin

Solana Aims to Raise $450 Million to Battle Ethereum Supremacy

Alternative 401(k) Product Offers In-Plan Cryptocurrency Investment via Coinbase Institutional

Scammers Pick Bank Transfers Over Cryptocurrency, Australian Report Reveals