Crypto traders suffer heavy losses of $639 million within a day

Crypto traders have been experiencing high price swings since the U.S Treasury Secretary referred to crypto as of “particular concern.

The current market condition at the crypto market has made traders and investors suffer heavy losses on the account that roughly $638.55 million worth of crypto positions disappeared into thin air within 24 hours.

The mass liquidation of such crypto holdings, according to data retrieved from Bybt, showed such occurred before the flagship crypto dipped from $37,300 to around $34,400 at press time.

What this means: Crypto traders have been experiencing high price swings, since the person expected to lead the U.S Treasury, Janet Yellen referred to crypto as of “particular concern” when it comes to terrorist financing and money laundering.

The incoming finance leader believes that most cryptos are used for illicit financing.
She raised such bias during her Senate confirmation hearing some days ago.
At the time of drafting this report, Bitcoin’s volatility ensured that no firm market direction was in control, as Bitcoin fluctuated around $34,800.
A highly respected crypto expert, Ki-Young Ju, disclosed the ongoing activity in the ever-volatile Crypto market on his Twitter feed, by critically hinting that buying pressure has paused in recent days.

“People trade $BTC with low leverage, open interest is skyrocketing, and the long-short ratio looks neutral. Strong on-chain buying signals that have driven this bull market hasn’t come up so far. Bitcoin might retest 30k, so I don’t have any position now in this uncertain market,” Ki-Young Ju said.

Also, some days ago, leading the United Kingdom’s financial regulator, the Financial Conduct Authority, recently issued a piece of stern advice on crypto investments.

The statement highlighted the risks associated with investing in Bitcoin and other leading crypto assets and warned the public there were high chances all their funds could be lost;

“The FCA is aware that some firms are offering investments in crypto assets or lending or investments linked to crypto assets, that promise high returns.

“Investing in crypto assets, or investments and lending linked to them generally involves taking very high risks with investors’ money. If consumers invest in these types of products, they should be prepared to lose all their money.”


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