Bitcoin ‘kisses’ $24K realized price after 2nd highest seller losses in history

Bitcoin ‘kisses’ $24K realized price after 2nd highest seller losses in history

The 26th of December saw Bitcoin’s price shot up to over $24,000. The BTC holder who sold on the 24th for a loss is now reaping in profits that exceeded their original investment by more than double as many investors are coming back into crypto.

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Bitcoin has been on a tear, with the price of bitcoin reaching $24K after the 2nd highest seller losses in history. Read more in detail here: bitcoin price history.

Bitcoin ‘kisses’ $24K realized price after 2nd highest seller losses in history

After repeating a chart pattern not seen since March 2020, Bitcoin (BTC) surged beyond $28,000 on May 12.

Bitcoin ‘kisses’ $24K realized price after 2nd highest seller losses in history1 hour candle chart of BTC/USD (Bitstamp). TradingView (source)

BTC seller losses are increasing.

BTC/USD plummeted to slightly under $24,000 on Bitstamp, according to data from Cointelegraph Markets Pro and TradingView.

A dramatic turnaround propelled the pair several thousand dollars higher in minutes, until consolidation took hold, bringing it to approximately $27,000.

The bounce zone was crucial, since it represented Bitcoin’s “realized price,” or the amount of all unspent transaction outputs (UTXOs).

The last time BTC/USD tested realized pricing was in March 2020 during the COVID-19 cross-market meltdown.

“Bitcoin kissed the realized price of $24,000. Bitcoin is inexpensive “On Twitter, Checkmate, the principal insights analyst at on-chain analytics startup Glassnode, said. 

Bitcoin ‘kisses’ $24K realized price after 2nd highest seller losses in historyBitcoin price realized vs. BTC/USD chart Glassnode is the source of this information.

Checkmate also noted that realized losses – investors selling BTC while being short on their cost price — had risen to about $2 billion, the second largest daily sum ever.

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Bitcoin ‘kisses’ $24K realized price after 2nd highest seller losses in historyChart of Bitcoin’s actual losses. Source: Twitter/Checkmate

Liquidations have also increased during the preceding 24 hours, according to Cointelegraph, reaching $1.2 billion throughout crypto.

The tether peg appears again.

In the meanwhile, the second major subject of the day, stablecoins, started to split views on the future of Bitcoin.

Fears of an avalanche cause the stock to plunge 30%. Terra’s LFG will be the next to drop AVAX.

Two camps developed when the biggest stablecoin Tether (USDT) saw its peg to the US dollar fall, one accusing Tether of malpractice and the other optimistic that the peg will be restored shortly — unlike the exploded US dollar stablecoin TerraUSD (UST).

“The USDT peg is already repairing, which is a positive indication,” remarked Cointelegraph writer Michal van de Poppe in one of the day’s numerous tweets.

“People should not compare the $USDT and the $UST since they are fundamentally different, despite the fact that the markets are reacting to high levels of anxiety. To me, it still seems like surrender.”

Commentator WhalePanda echoed the notion, warning of “peak FUD” from “Tether truthers,” as he and others put it.

People are frightened because they are mistaking $USDT with $UST. The distinction between an under collaterized algorithmic stablecoin and a backed stablecoin is not well understood. Panic selling of $USDT for $USDC and $USD.

It’s fud season.

This post is likely to attract “Tether truthers.”

May 12, 2022 — WhalePanda (@WhalePanda)

At the time of writing, the USDT/USD was trading 2% below parity.

Bitcoin ‘kisses’ $24K realized price after 2nd highest seller losses in history1-hour candle chart for USDT/USD (Bitstamp). TradingView (source)

The author’s thoughts and opinions are completely his or her own and do not necessarily represent those of Cointelegraph.com. Every investing and trading choice has risk, so do your homework before making a decision.

The “crypto price drop” is a term that has been used to describe the decline in cryptocurrency prices. The Bitcoin price reached $24K after 2nd highest seller losses in history.

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