Friday Night Frights

Dec 5, 2021 • 4 Min Read

Key Takeaways

  • We are writing to update our clients on the events of this past weekend and highlight a few data points we will be keeping an eye on moving forward into the next couple of weeks. 
  • On Friday, December 3rd, over $2 billion in long positions across the global crypto market were liquidated, nearly $850 million of which were from BTC futures.
  • Almost $500 billion in total market value was wiped from the global crypto market cap, as Bitcoin fell over 20% from $57k to a low of approximately $45k (Source: CoinMarketCap). The rest of the crypto universe essentially followed suit. 
  • We ultimately saw strong buying support at the 200-day moving average as the Bitcoin price has since steadied and at the time of writing fluctuates between $48k and $49k. 
  • Altcoins have performed more robustly in recent weeks, leading us to consider that the institutionalization of Bitcoin may be leading to outsized influence from macro uncertainty as compared to the rest of the crypto market. 
  • While there is reason to believe that Bitcoin consolidates around its current level before heading higher, we have yet to find substantial evidence that Bitcoin is entering what we would consider a prolonged bear market.

Leverage Wipeout

On Friday evening, Bitcoin’s pric...

Unlock this page with a FREE 30-Day Trial!

*Free trial available only on a monthly plan

Reports you may have missed

Get invaluable analysis of the market and stocks. Cancel at any time. Start Free Trial

Articles Read 1/1

🎁 Unlock 1 extra article by joining our Community!

You’ve reached your limit of 1 free monthly articles. Please enter your email to unlock 1 more articles.

Already have an account? Sign In