After a record weekend liquidation, Bitcoin price bounced back above $57,000 – gaining back approximately $3,000. At 14:21 GMT on Monday, the price of the
” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin was trading at $56,367, at a gain of 2.32% in the last 24 hours.
The Sunday fall saw about $9.79 billion bleed out of long positions getting “rekt,” making the weekend fall one of the biggest liquidation events in the entire history of crypto.
Historic Liquidations Send Prices Tumbling On Hash Rate FUD
The sell-off has been attributed to several FUD including Coinbase founders selling their stock to the recent slump in Bitcoin hash rate. However, the market seems to be gradually recovering and on-chain analysis shows that the bull run is far from over.
Crypto analyst, Jeff Dorman, noted on Twitter yesterday: