Crypto Market Sees Liquidation Over $1B as Wall Street Faces Archegos Collapse

The crypto market has seen liquidation of over $1 billion over the past 24 hours mostly from long leveraged positions. This is evident from the fact that the cryptocurrency market has registered only a 2% in correction over the past 24-hours, where Bitcoin price corrected over $2,000 while Ethereum price fell below $1,800.

Top buyers wiped again …
— CryptOrca (@CryptOrca) March 31, 2021

The recent liquidation is being seen as the shake-off before the next leg, as Willy Woo, the popular crypto analyst pointed that the Bitcoin market hasn’t registered any liquidation over the past week.

Yup, and there’s the liquidation.
— Willy Woo (@woonomic) March 31, 2021

While the crypto market is telling from a month-end liquidation, Wall Street faces losses of up to $6 billion as top hedge fund Archegos Capital collapsed yesterday. Reports suggested that the wipe-off was probably caused by a string of sales initiated by Tech Asia Hedge Fund Manager Bill Hwang. Top banks including new Bitcoin entrants Goldman Sachs and Morgan Stanley, along with Deutsche Bank, Credit Suisse, and Nomura could lose up to $6 billion due to their position held in the Archegos Capital.
Is Crypto Market Nearing its Bull Run Top?
The bull run that started with Bitcoin in the last quarter of 2020 and was later joined by altcoins in January 2021 looks to be nearing its consolidation phase. In 2021, the price of Bitcoin has registered a new ATH every month for the past three months, followed by a sharp correction and consolidation. However, in March the momentum has …
Story continues on CoinGape

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