The last 24 hours on the crypto market have once again been chaotic, especially for perpetual futures and other types of leveraged traders. After massive price swings, mostly to the downside, the price of Bitcoin fell from as high as $84,100 to as low as $76,560, a 9% move for a $1.65 trillion asset in a matter of hours.
Basically, there was “blood in the streets,” and the pain of bullish crypto market participants was palpable. Another $1 billion in liquidations of perpetual futures, reported by CoinGlass, is a stark benchmark.
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However, the trading session restarted, and in the course of the new day the price of Bitcoin made it back above $80,000 and even higher – it reached $81,700, exactly where it was before the wild roller coaster of the past 24 hours.
New paradigm?
As the popular saying goes, yesterday’s price is not today’s price, and Bitcoin, after a 360-degree spin, did not return to where it was the day before but is now in a completely different position. Only the CME gap closing at $77,000 speaks eloquently about this shift of paradigm.
Perhaps the most accurate reaction to this wild Bitcoin price action was demonstrated by Evgeny Gaevoy, who is the founder and CEO of Wintermute – major market maker on the cryptocurrency market, which, according to Arkham Intelligence, operates a sum of cryptocurrencies worth about $554 million.
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Gaevoy, in an X post, expressed his feeling about Bitcoin making it back to $80,000 using a meme widespread in the crypto space – a popular character enjoying a parade of green candles. “Woke up, BTC above 80K,” the Wintermute CEO captioned his post.
Well, how long this “hopium” will last remains to be seen.
