Bitcoin flash crash wipes $1B in ‘speculative excess’ from markets

Web 3.0 Traders Suffer $1 Billion Loss as Bitcoin Crashes from All-Time High

Crypto enthusiasts utilizing options and futures to gain exposure to Bitcoin (BTC) are facing a massive $1 billion loss after the cryptocurrency plummeted more than 14% from its record-breaking price of $69,200 on March 5.

In a post on March 6, on-chain analytics provider Santiment revealed that the total open interest (OI) for Bitcoin, Ethereum (ETH), and Solana (SOL) on exchanges significantly declined following BTC’s all-time high the previous day.

Within a few hours, Bitcoin’s open interest dropped by $1.46 billion (-12%), while Ether’s (ETH) fell by $967 million (-15%), and Solana’s (SOL) tumbled by $424 million (-20%).

On March 5, the price of Bitcoin briefly reached a new all-time high just above $69,200, only slightly surpassing its previous peak of $69,044 in November 2021.

Understanding the Impact of Web 3.0 on Bitcoin’s Price and Trader Speculation

With the increasing popularity of web 3.0, traders have been eagerly anticipating Bitcoin’s rise to a new all-time high of $70,000. This has resulted in a surge of long positions being opened, while a smaller portion of short positions have been liquidated during Bitcoin’s brief touch of a new record high.

Open interest, which measures the total number of open positions on derivatives contracts, has also reached record levels in recent weeks as traders have placed more bets on Bitcoin’s price movements. Opening new positions increases open interest, while closing existing ones decreases it.

For those looking to gain a deeper understanding of web 3.0 and its impact on Bitcoin’s price, there are various tools and online courses available. These resources cover topics such as the history of web 3.0, its current price, and the role of developers in this new era of the internet. Additionally, some may be wondering if the metaverse is part of web 3.0 – the answer is yes, as it is a key component of the decentralized and immersive experience that web 3.0 aims to provide.

Understanding the Recent Bitcoin Price Movement and its Relation to Web 3.0

The recent decline in Bitcoin’s price may have caused concern among investors, but experts are quick to point out that this is a common occurrence in the world of derivatives trading.

Crypto analyst ‘Daan Crypto Trades’ shared with his 363,000 followers on X that the drop in price was due to the flushing out of long positions, resulting in a loss of approximately $3 billion in Open Interest.

According to data from Coinglass, over 312,500 traders were liquidated in the past 24 hours, with a total loss of $1.13 billion.

Despite this correction, Bitcoin is still trading at a high of $63,600, only 8% lower than its all-time high reached yesterday.

Exploring the World of Web 3.0 and its Impact on the Crypto Market

As the concept of Web 3.0 gains more traction, many are left wondering when it officially began and how it affects the price of cryptocurrencies.

For those interested in becoming a part of this innovative movement, there are various online courses available, such as the free “Web 3.0 Course” and the “Web 3.0 Developer Course.”

Additionally, understanding the tools and purpose of Web 3.0 is crucial in grasping its potential and its relation to the emerging metaverse.

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