Price declines could accelerate as support is broken & sellers scramble to find liquidity
Digital asset research firm 10x Research has warned that the price of Bitcoin (BTC) could fall to $50,000, predicting a significant correction as the price continues to crash. 10x Research believes the current decline may be the start of a further plunge.
According to CoinMarketCap data, Bitcoin is trading at $57,767 after losing nearly 4% in the last 24 hours and more than 5.5% in 7 days. Also, MarketWatch data shows that the king coin has lost more than 18% in 1 month and over 15.6% in 3 months. Nonetheless, BTC has risen by 37.41% and over 90.5% in the last year.
Despite price swings, many still see BTC as one of the best digital assets for investment. This position varies because while some consider Bitcoin the top-rated cryptocurrency, others, like Michael from 99Bitcoins, believe the best crypto to invest in may be a meme coin like Pepe Unchained (PEPU) or WienerAI (WAI). These new assets have a high potential for growth, and offer earning options via staking, with massive APY rewards.
Explaining Bitcoin's Potential Plunge
Nevertheless, 10x Head of Research Markus Thielen warns of a potential fall. According to Thielen, one of the major factors against Bitcoin's rise is the asset's technical and psychological support level at $60,000. Explaining that this is an important point for spot BTC exchange-traded fund (ETF) buyers and Bitcoin miners, Thielen also points out that it marks the "bottom" of the asset's three-month trading range. Sounding a note of warning, the analyst wrote:
"Price declines could accelerate as support gets broken and sellers scramble to find liquidity. Only ill-informed traders are willing to buy here. Breaking this support could cause a sharp decline to the low $50,000s."
For about a month, 10x Research has repeatedly offered a bearish narrative for Bitcoin. In May, 10x Research faulted the popular stock-to-flow model for a few reasons, including its failure in at least one previous projection. Recently, the research firm warned that the "Trump Pump," from the Bitcoin market rally that followed Trump's increased chance of winning the election, is unsustainable because the election has not yet been decided. In addition, a previous research report includes several reasons Bitcoin could plunge. One of these is the likelihood of miners liquidating more BTC even as the price neared $60,000.
Another factor that may further Bitcoin's plunge is a 10x Research market structure analysis, which concludes that inflows to the Bitcoin market have peaked. According to 10x, miners, stablecoin issuers, and ETFs are "no longer positively contributing to liquidity in the ecosystem." While there are also several bullish forecasts, Bitcoin is still well below itsMarch record.
Interestingly, a 10x Research note to investors recommended maintaining positions with Bitcoin and avoiding Ethereum.
Market Reaction to Bitcoin Crash
The crash in Bitcoin's price has triggered heavy liquidations in the last 24 hours. According to data from CoinGlass, total liquidations in the past 24 hours hit $369.83 million, across 131,389 traders. The total comprises $332.72 million and $33.58 million, in long and short trades, respectively. The largest single liquidation order occurred on Binance, an ETHUSDT order valued at $18.48 million. Rating by exchange, Binance had the largest amount of liquidations at $175.53 million, with OKX and Huobi in the second and third positions at $99.61 million and $46.44 million, respectively.
Despite the continuous slump in Bitcoin's price, El Salvador still buys one Bitcoin daily. El Salvador first announced the plan in November 2022 under President Nayib Bukele's leadership, and has continued its accumulation. The country, the first to officially recognize Bitcoin as legal tender, also added mining to its Bitcoin endeavors and has produced more than 470 Bitcoins in three years. As of May, the treasury holds 5,750 Bitcoins.
Digital asset research firm 10x Research has warned that the price of Bitcoin (BTC) could fall to $50,000, predicting a significant correction as the price continues to crash. 10x Research believes the current decline may be the start of a further plunge.
According to CoinMarketCap data, Bitcoin is trading at $57,767 after losing nearly 4% in the last 24 hours and more than 5.5% in 7 days. Also, MarketWatch data shows that the king coin has lost more than 18% in 1 month and over 15.6% in 3 months. Nonetheless, BTC has risen by 37.41% and over 90.5% in the last year.
Despite price swings, many still see BTC as one of the best digital assets for investment. This position varies because while some consider Bitcoin the top-rated cryptocurrency, others, like Michael from 99Bitcoins, believe the best crypto to invest in may be a meme coin like Pepe Unchained (PEPU) or WienerAI (WAI). These new assets have a high potential for growth, and offer earning options via staking, with massive APY rewards.
Explaining Bitcoin's Potential Plunge
Nevertheless, 10x Head of Research Markus Thielen warns of a potential fall. According to Thielen, one of the major factors against Bitcoin's rise is the asset's technical and psychological support level at $60,000. Explaining that this is an important point for spot BTC exchange-traded fund (ETF) buyers and Bitcoin miners, Thielen also points out that it marks the "bottom" of the asset's three-month trading range. Sounding a note of warning, the analyst wrote:
"Price declines could accelerate as support gets broken and sellers scramble to find liquidity. Only ill-informed traders are willing to buy here. Breaking this support could cause a sharp decline to the low $50,000s."
For about a month, 10x Research has repeatedly offered a bearish narrative for Bitcoin. In May, 10x Research faulted the popular stock-to-flow model for a few reasons, including its failure in at least one previous projection. Recently, the research firm warned that the "Trump Pump," from the Bitcoin market rally that followed Trump's increased chance of winning the election, is unsustainable because the election has not yet been decided. In addition, a previous research report includes several reasons Bitcoin could plunge. One of these is the likelihood of miners liquidating more BTC even as the price neared $60,000.
Another factor that may further Bitcoin's plunge is a 10x Research market structure analysis, which concludes that inflows to the Bitcoin market have peaked. According to 10x, miners, stablecoin issuers, and ETFs are "no longer positively contributing to liquidity in the ecosystem." While there are also several bullish forecasts, Bitcoin is still well below itsMarch record.
Interestingly, a 10x Research note to investors recommended maintaining positions with Bitcoin and avoiding Ethereum.
Market Reaction to Bitcoin Crash
The crash in Bitcoin's price has triggered heavy liquidations in the last 24 hours. According to data from CoinGlass, total liquidations in the past 24 hours hit $369.83 million, across 131,389 traders. The total comprises $332.72 million and $33.58 million, in long and short trades, respectively. The largest single liquidation order occurred on Binance, an ETHUSDT order valued at $18.48 million. Rating by exchange, Binance had the largest amount of liquidations at $175.53 million, with OKX and Huobi in the second and third positions at $99.61 million and $46.44 million, respectively.
Despite the continuous slump in Bitcoin's price, El Salvador still buys one Bitcoin daily. El Salvador first announced the plan in November 2022 under President Nayib Bukele's leadership, and has continued its accumulation. The country, the first to officially recognize Bitcoin as legal tender, also added mining to its Bitcoin endeavors and has produced more than 470 Bitcoins in three years. As of May, the treasury holds 5,750 Bitcoins.
ABDS Token Now Live for Trading on 3 Major Crypto Exchanges
Transformation in the APAC Trading Landscape and Beyond | FMPS:24
Transformation in the APAC Trading Landscape and Beyond | FMPS:24
As the financial services industry experiences rapid and transformative changes, leading fintech experts and policymakers come together to discuss the present and future of retail trading and the evolving regulatory landscape. Join this insightful session for a forward-looking perspective on the trends, innovations, and trader needs that are shaping the future of offerings on a global scale.
Speakers:
Eric Blewitt, CEO, Investment Trends
Rhys Bollen, Senior Executive Leader, Digital Assets, Australian Securities and Investments Commission (ASIC)
Michael Bogoevski, Head of Institutional Sales, CMC Connect
Karin Setchell, General Manager, Product & Investing Solutions, CommSec
#fmps #fmps24 #fmevents #RetailTrading #FintechInnovation #FinancialRegulation #DigitalAssets #GlobalFinance
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage.
Subscribe to our YouTube channel for more!
As the financial services industry experiences rapid and transformative changes, leading fintech experts and policymakers come together to discuss the present and future of retail trading and the evolving regulatory landscape. Join this insightful session for a forward-looking perspective on the trends, innovations, and trader needs that are shaping the future of offerings on a global scale.
Speakers:
Eric Blewitt, CEO, Investment Trends
Rhys Bollen, Senior Executive Leader, Digital Assets, Australian Securities and Investments Commission (ASIC)
Michael Bogoevski, Head of Institutional Sales, CMC Connect
Karin Setchell, General Manager, Product & Investing Solutions, CommSec
#fmps #fmps24 #fmevents #RetailTrading #FintechInnovation #FinancialRegulation #DigitalAssets #GlobalFinance
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage.
Subscribe to our YouTube channel for more!
Executive Interviews with Joe Li & Simon Naish | ATFX | FMPS:24
Executive Interviews with Joe Li & Simon Naish | ATFX | FMPS:24
In this Finance Magnates Executive Interview, Joe Li, Chairman at ATFX and Simon Naish, Country Head of Australia at ATFX Connect, discuss ATFX’s strategic growth in the APAC region, particularly focusing on their institutional arm, ATFX Connect. They highlight the importance of Australia as a strategic hub, the challenges of operating in a highly competitive and regulated market, and their plans for regional expansion across APAC. The conversation touches on the integration of advanced technology and multi-asset offerings, the significance of optimal execution tools, and the importance of tailoring solutions to meet the sophisticated demands of institutional clients. They also emphasize their strong regulatory compliance and their commitment to enhancing client experience through innovative tools and infrastructure.
#fmps #fmps24 #fmevents #ATFXConnect #APACFinance #InstitutionalTrading #FinancialTechnology #MarketExpansion
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage.
Subscribe to our YouTube channel for more!
In this Finance Magnates Executive Interview, Joe Li, Chairman at ATFX and Simon Naish, Country Head of Australia at ATFX Connect, discuss ATFX’s strategic growth in the APAC region, particularly focusing on their institutional arm, ATFX Connect. They highlight the importance of Australia as a strategic hub, the challenges of operating in a highly competitive and regulated market, and their plans for regional expansion across APAC. The conversation touches on the integration of advanced technology and multi-asset offerings, the significance of optimal execution tools, and the importance of tailoring solutions to meet the sophisticated demands of institutional clients. They also emphasize their strong regulatory compliance and their commitment to enhancing client experience through innovative tools and infrastructure.
#fmps #fmps24 #fmevents #ATFXConnect #APACFinance #InstitutionalTrading #FinancialTechnology #MarketExpansion
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage.
Subscribe to our YouTube channel for more!
Ready to Scale? Regtech in Australia, A Global View | FMPS:24
Ready to Scale? Regtech in Australia, A Global View | FMPS:24
In the effort to elevate Australian fintech on the global stage, RegTech presents a unique and compelling case. Despite the increasing demand for robust compliance solutions, Australia's RegTech sector—ranked third-largest globally—remains underfunded. Join this insightful fireside chat to explore the future of Australia’s RegTech hub and its global potential.
Key discussion points include uncovering the hidden opportunities in RegTech that VCs are overlooking, the necessary steps for increased governmental support, the readiness of the local ecosystem to collaborate across global regulatory regimes, and lessons learned from other leading fintech hubs around the world.
Speakers:
Dickie Currer, National Lead, Tech Australia Advocates
Deborah Young, CEO, The RegTech Association
#fmps #fmps24 #fmevents #RegTech #Fintech #AustralianFintech #GlobalCompliance #TechInnovation
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage.
Subscribe to our YouTube channel for more!
In the effort to elevate Australian fintech on the global stage, RegTech presents a unique and compelling case. Despite the increasing demand for robust compliance solutions, Australia's RegTech sector—ranked third-largest globally—remains underfunded. Join this insightful fireside chat to explore the future of Australia’s RegTech hub and its global potential.
Key discussion points include uncovering the hidden opportunities in RegTech that VCs are overlooking, the necessary steps for increased governmental support, the readiness of the local ecosystem to collaborate across global regulatory regimes, and lessons learned from other leading fintech hubs around the world.
Speakers:
Dickie Currer, National Lead, Tech Australia Advocates
Deborah Young, CEO, The RegTech Association
#fmps #fmps24 #fmevents #RegTech #Fintech #AustralianFintech #GlobalCompliance #TechInnovation
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage.
Subscribe to our YouTube channel for more!
Resilience in Trading: From Third Class To World Class | FMPS:24
Resilience in Trading: From Third Class To World Class | FMPS:24
Join Mario Singh, Founder and Chairman of Fullerton Markets, as he shares his life story, highlighting the traits that were required starting without financial knowledge to become a financial and trading expert recognised by world-renowned media like CNBC & Bloomberg.
#fmps #fmps24 #fmevents #trading #onlinetrading #tradingexpert #tradingjourney
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage.
Subscribe to our YouTube channel for more!
Join Mario Singh, Founder and Chairman of Fullerton Markets, as he shares his life story, highlighting the traits that were required starting without financial knowledge to become a financial and trading expert recognised by world-renowned media like CNBC & Bloomberg.
#fmps #fmps24 #fmevents #trading #onlinetrading #tradingexpert #tradingjourney
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage.
Subscribe to our YouTube channel for more!
IBs and Brokers: The Good, The Bad, The Ugly | FMPS:24
IBs and Brokers: The Good, The Bad, The Ugly | FMPS:24
For most brokers, IBs and trading educators are invaluable partners, driving highly targeted traffic from key regions. However, without proper management, these relationships can quickly turn sour. In this session, gain an insider’s perspective on the types of licenses IBs need in APAC, the crucial details in IB agreements that both parties must scrutinize, common disputes between IBs and brokers and effective resolutions, and the pros and cons of transitioning from IB to broker.
Speakers:
Melody Gao, Senior Lawyer, Sophie Grace
James Perry-Keene, Head of Strategic Partnerships, Pepperstone
Christopher Balanzategui, CEO, N3tworx
#fmps #fmps24 #fmevents #IBAgreements #BrokerPartnerships #TradingIndustry #APACFinance #FinancialRegulation
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage.
Subscribe to our YouTube channel for more!
For most brokers, IBs and trading educators are invaluable partners, driving highly targeted traffic from key regions. However, without proper management, these relationships can quickly turn sour. In this session, gain an insider’s perspective on the types of licenses IBs need in APAC, the crucial details in IB agreements that both parties must scrutinize, common disputes between IBs and brokers and effective resolutions, and the pros and cons of transitioning from IB to broker.
Speakers:
Melody Gao, Senior Lawyer, Sophie Grace
James Perry-Keene, Head of Strategic Partnerships, Pepperstone
Christopher Balanzategui, CEO, N3tworx
#fmps #fmps24 #fmevents #IBAgreements #BrokerPartnerships #TradingIndustry #APACFinance #FinancialRegulation
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage.
Subscribe to our YouTube channel for more!