Today has not been an easy day for most cryptocurrency traders. After ample volatility in recent weeks, the markets are now taking serious plunges with no signs of slowing down.
When trading cryptocurrencies, there is always a chance of losing money.
Markets Will Remain Volatile all Week
These past few weeks have made that abundantly clear to traders.
Today, markets are seemingly going on an unexpected fire sale once again.
Those who are overexposing themselves with margin trading are certainly feeling the burn today.
On Bitmex, over $700 million in longs has been liquidated in quick succession.
That just goes to show how these markets cannot be predicted accurately under any circumstance.
It has to be said, Bitcoin hasn’t lost this much value in one day for quite some time.
The previous times, the dip was overcome relatively well, thus this time will not be any different.
All other markets, such as stocks, bonds, treasuries, are all noting massive losses once again.
The entire world is in panic mode due to the novel coronavirus outbreak.
With the upcoming Bitcoin halving on the horizon, the current market trend isn’t helping matters much.
The coming weeks may prove very crucial for all cryptocurrencies, as some of them may never recover.
That would not necessarily be a bad thing either, as the “weeds” need to be culled.
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