Bitcoin Price Fell Below $17.6K in June

Bitcoin price pressure has pushed sellers past two-year macro lows, but hopes for a “pump” discount are rising. BTC/USD fell $2,000 to $17,120 on Bitstamp in less than two hours.

The pair last traded at that level in late November 2020, indicating that Bitcoin surpassed the previous macro lows of $17,600 set in June of this year.

Data from the Binance order book revealed a dramatic downward avalanche, puncturing sturdy purchase support near $18,000.

At the daily close on November 8, an area of interest for trade volume was about $18,400 — a zone still in play over 12 hours later. Figures derived from an on-chain monitoring resource. Meanwhile, Coinglass monitored significant pain for long investors who were caught off guard at the wrong time.

BTC Long Liquidations reach $214M

For November 8, BTC’s long liquidations across exchanges reached $214M. Meanwhile, cross-crypto longs were liquidated for $670M.

Total liquidations for the day were $915M. Others admitted to being victims of volatility, while the study sought potential silver linings outside of crypto.

For trading account IncomeSharks, the US dollar’s decline during the recent midterm elections was a positive indicator for risk assets. By reducing block rewards to miners in favor of staking payments for validators that stake ETH, the Merge lowered Ether issuance by nearly 90%. The blockchain’s energy consumption dropped by 99% due to the change.

In an inflationary environment, “sound money” alluded to Bitcoin’s limited quantity.

Today alone, around 3,000 ETH worth $4M was burned as on-chain activity increased due to market instability. Dogeliens Token (DOGET) believes in continually undertaking the necessary labor to keep the token afloat, necessitating financial resources. It has a clear plan on its official website: it deducts 10% of the tax on every transaction on the platform.

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