The cryptocurrency market is experiencing dramatic declines today, with Bitcoin dipping to $49,000 before stabilizing at $52,400. Ethereum, the second-largest cryptocurrency, has also fallen to $2,100.
This massive dip has liquidated many investors who have bet on the continued uptrend of the crypto market. Data from Coinglass highlighted a $1.12 billion liquidation, with more than $953 million from long and $169 million from short positions.
Despite the market’s fear, uncertainty, and doubt (FUD), some retail traders see the movement as an opportunity to bag more coins in their portfolios. Data from the intelligence platform Santiment reveals an increasing discussion revolving around the best time to ‘buy the dip.’
In a surprising development, even hackers are capitalizing on the current market conditions, as per Wise Advice. The Nomad Bridge Exploiter, a known hacker, made significant purchases of Ethereum following the market drop, acquiring 16,892 ETH. Blockchain analytics firm Lookonchain recorded that the Nomad Bridge Exploiter used 45 million stolen DAI tokens to buy the ETH and moved it to crypto mixer Tornado Cash to prevent traces.
The data suggests that the discussion levels are still lower than the required limits, and a bigger dip could be on the horizon as the U.S. markets wake up.
[Source: Coinedition]
