Bitcoin price today bounced back above $57K recovering nearly $3,000 after a record weekend liquidation spree and sell-off. The Sunday liquidation saw nearly $9.79 billion worth of crypto long positions getting rekt, making it one of the biggest liquidations in crypto history.
The reason for the sell-off was attributed to several FUD including Coinbase founders selling their stock to the recent slump in Bitcoin hashrate. However, the market seems to be recovering and on-chain analysis suggests Bitcoin is far from its top as exchange outflows continued even on a day of mass liquidation.
market recap
– incorrect analysis of $BTC hash rate decline– incorrect analysis of how much $COIN insiders sold– most likely false (or at best unsubstantiated) rumors of US Treasury charging financial companies over crypto money laundering
Result: Huge selloff/liquidations
— Jeff Dorman, CFA (@jdorman81) April 18, 2021
Even during a day filled with FUDs and market liquidation, Binance Exchang
