Bitcoin quickly corrected to its lowest level of $ 58,000 and rebounded by $ 60,000, bringing down almost the entire crypto market. The last time BTC hit a price of $ 60,000 was on November 10th.

Although the crypto market is full of good news, the price of BTC is still falling rapidly as the number of futures orders on the exchanges has been very high lately. Therefore, the phenomenon of long squeeze occurs, which causes the price to drop even faster. By the time the price was adjusted, more than USD 536 million long orders had been liquidated.

The funding rate cooled off during the long squeeze. The number of futures orders is declining, but still at a high level.

In an interview, Willy Woo said that the on-chain documentation is very good data showing activity in the market. He also said we need to see fewer people with greed to see strong growth in BTC. Greed manifests itself in the amount of leverage used. Anytime there is a large amount of leverage there will be whales in the market trying to stifle that volume and a long squeeze will occur and the price will drop sharply.

When the price goes up, many investors fomo. We also see a lot of people asking if they should buy a particular token / coin. However, when the price fell, no one asked that question. This is a common sentiment in the market. The moment the price has gone down, investors can accumulate more coins that they want to hold at low prices.

Similarly, ADA has been moving sideways recently while many other coins have grown. However, the intraday trading volume shows ADA only on BTC. That said, a lot of people are still using it, and the ADA community is huge too.

As with other coins, this is the time ADA builds up, which is boring for many investors. However, this is an important step in order to have the opportunity to grow like other coins in the market.

With this adjustment, the amount of profitable BTC on the exchanges has returned to around 94%.

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During the day, more BTC was pushed onto the exchange than withdrawn.

ETH, on the other hand, is still withdrawing from the stock exchange. The day before, ETH had also withdrawn a large amount from the exchange.

While the White House is proposing an additional budget of $ 2 trillion to fight inflation. They continue to use printing more money to fight inflation. Assets like BTC are increasingly viewed as the store of value of the future.

Goldman Sachs said that in the past, the rich bought gold and the poor bought silver to fight inflation. And now the rich are buying BTC and the poor are buying gold. The rich are increasingly realizing BTC’s role in fighting inflation as a store of value.

The US also has another mayor who wants to be paid in BTC. Tampa, Florida Mayoress Jane Castor has announced that she will accept her salary in BTC. This is how they support BTC and the crypto market.

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