$1.5 BLN Liquidation After Brief Bitcoin Pullback
In a classic display of FUD (fear, uncertainty, and doubt), the Bitcoin market liquidated a lot of small and midsized investors before crossing the $50,000. Last week, we covered the Elon Musk effect and how that pushed Bitcoin above $48,000. Naturally, investors eyed up the $50k level. Many anticipated BTC price to achieve this level before a considerable pullback or any trend reversal. This spurred speculators to take leverage and catalyzed roughly $1.5 bln in long-side liquidations when a pullback occurred. After a brief pullback, Bitcoin continued to rise in price until it conquered the $50,000 mark as was initially expected by a myriad of investors.