The value of Bitcoin, a type of digital money, went down a lot after someone moved $2 billion of Bitcoin from one place to another. This made people who had bought Bitcoin before feel scared and they sold their Bitcoin, making the value go down even more. The value of other types of digital money, like Ethereum, did not go down as much. People who had bought digital money before were also selling it, and this made the value of digital money go down a little bit. This made some people feel less excited about digital money and more interested in buying it. The price of some other digital money went up a lot.
Some people think that the value of digital money will go up a lot in the future because it is a new and exciting way to pay for things. Others think that the value of digital money will go down because it is not easy to use and can be very risky. It is hard to know what will happen with the value of digital money in the future.
Read from source...
1. The article is based on a single tweet by Arkham, which is not a reliable source of information.
2. The article claims that the wallet is linked to the U.S. Department of Justice, but provides no evidence or
bearish
Article's Main Points:
- Bitcoin hit $70,000 early in the morning but began to retrace as a wallet linked to the U.S. Department of Justice moved out $2 billion in Bitcoins.
- The news resulted in panic selling, bringing King Crypto below $67,000.
- About $193 million locked in derivatives positions was liquidated in the last 24 hours, with long liquidations equating to $136.61 million.
- The slump caused a nearly 3% decline in Bitcoin's Open Interest, indicating forced liquidations of bullish bets. The decline in longs vis-à-vis shorts lent credence to the narrative.
- The market cooled down as the Cryptocurrency Fear & Greed Index fell from 74 to 67 in the last 24 hours. That said, the broader mood was still one of "Greed."
- Ethereum remained choppy throughout the day.
- Stocks inched marginally higher Monday. The S&P 500 added 4.44 points, or 0.08%, to close at 5,463.54. The tech-heavy Nasdaq Composite gained 0.07% to end at 17,370.20. The blue-chip index Dow Jones Industrial Average slid 0.12% to 40,539.93 at the closing bell.