The Fall of Bitcoin Causes Millionaire Loss in The Futures Market

Hello friends, the price of bitcoin was affected again yesterday, dragging down the rest of the cryptocurrencies, as we can also see it on the right side of the platform where we can see the fall of steem, trx, among other cryptocurrencies. These cause an exuberant situation and losses for the trader who had invested in long futures contracts. In other words, they had the faith that the market was going up.

https://en.tradingview.com/symbols/BTCUSD/

The bitcoin price drop was pronounced at dawn today, March 3, managing to reach just one minute below 22 thousand dollars, as we can see in the graph shared above. But as always, the price recovered slightly, the decline caused USD 205 million in long liquidations in the cryptocurrency market on March 3, according to data from Glassnode.

https://www.coinglass.com/LiquidationData

As seen in the chart above, the green candles reflect the liquidation of longs in the cryptocurrency market, something that had not happened since February 8, but at that time the losses were not extraordinary.

Among the corridors, the news spread that some analysts projected a drop in the price of bitcoin after the news from Silvergate Bank. Since the subsidiary of this bank had to offer the presentation of its annual report to the SEC. which never arrived because they communicated that they are evaluating whether the company can continue operating this year.

This announcement fell like a bar of cold water on the bitcoiner community as the idea of ally Silvergate Bank going bankrupt was precipitated as this could be a hard blow to the cryptocurrency market.

This drop puts the rise of bitcoin at risk again, let's hope what direction the market takes after this scandalous fall, but despite everything bitcoin is still above the price with which it started this year 2023.

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