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Crypto market collapse: Analysts warn

Crypto market collapse

Crypto market collapse: Analysts warn

Crypto market collapse is warned by investor Michael Burry, who predicted the 2007 mortgage crisis on his Twitter account. At the time of writing, the tweet has been deleted.

Burry was one of the first to predict the collapse of the US mortgage market. He bet all the money he founded by hedge fund Scion Capital against the CDO mortgage bonds and managed to cash in on the crisis.

crypto market collapse

The investor also noted that the problem of the digital asset market lies in too large leverage.

Crypto market collapse

Burry had earlier warned that the market had inflated “the biggest bubble in history.” In his post, he used the hashtag FlyingPigs360, which, according to Business Insider, maybe a reference to an investment saying: “Bulls make money, bears make money, but pigs get slaughtered.”

Over the past 24 hours, futures positions worth $ 875 million have been liquidated, according to Bybit. Recently, demand for derivatives has been low, according to journalist Colin Wu, known on Twitter as Wu Blockchain, based on the fact that against the background of the market fall, positions on the main cryptocurrency were liquidated within an hour for less than $ 200 million.

Michael van de Poppe, a well-known crypto analyst, believes that the price of BTC could fall below $ 24,000 with a subsequent return to the region of $ 34,000 and above.

Rekt Capital’s Twitter account stressed that it is important for the first cryptocurrency to stay above the $ 29,000 level. Otherwise, the rate will continue to decline.

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Disclaimer: Bitxmi News is a news portal and does not provide any financial advice. Bitxmi's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Bitxmi News won't be responsible for any loss of funds.

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