Bitcoin and Ethereum experienced significant losses as cryptocurrency markets traded lower. ETF outflows, high liquidations, and a decline in large transactions contributed to the downturn. Despite this, some analysts remain optimistic about Bitcoin’s long-term prospects, highlighting similarities to its price structure in 2019.
The cryptocurrency market experienced a downturn, with Bitcoin and other major cryptocurrencies recording losses. Spot Bitcoin ETFs saw their sixth consecutive day of net outflows, totaling $37.2 million. This downward trend was accompanied by a decline in large transaction volume and a surge in liquidations, indicating a bearish sentiment among traders. Despite the recent slump, some analysts remain optimistic about Bitcoin’s long-term prospects.
The cryptocurrency market experienced a sharp decline on Tuesday evening, leading to significant liquidations. Bitcoin dropped below $59,000, its lowest level since August 19th, while Ethereum plummeted to a three-week low. The decline was attributed to extreme funding rates on derivatives exchanges, which led to over-leveraged long bets. Analysts predict that the market will need to cool down before a potential rebound.
Upscale appliance brand Pirch has filed for Chapter 7 bankruptcy, marking the end of its business operations. The company’s six furniture showrooms in California, which initially closed temporarily in March due to the COVID-19 pandemic, will now remain shut permanently. Pirch’s assets, estimated to be between $10 million and $50 million, will be liquidated to repay creditors, while its debts total between $100 million and $500 million.
Collier Homes, a prominent Western Australian residential builder established in 1959, has announced its liquidation following over six decades of operations. The decision comes amidst challenging market conditions, including supply chain disruptions, construction delays, and rising labor costs.
