Business
Bitcoin crashes below $70K, traders lose $277m
Bitcoin crashes below $70K, traders lose $277m
The cryptocurrency market suffered a significant fall on Friday as traders appeared to be cutting back on their long holdings following notable spikes.
Bitcoin was unable to maintain its overnight record high of $73,700, declining 4% for the day.
Recent price action suggests that Bitcoin may drop further and retest its next major support level near $66,000 if it closes below the $69,700 mark during Asia’s trading session.
In the past day, 90,456 traders were liquidated, resulting in $276.84 million in losses. The largest single liquidation order occurred at Binance, valued at $11.3 million in BTC/USDT.
What Does Liquidation Mean?
“Crypto liquidation” refers to the forced closing of a trader’s market positions. This occurs when a trader’s margin account cannot support their open positions due to significant losses or insufficient margin to meet maintenance requirements.
The exchange or brokerage may initiate the liquidation process if a trader’s account falls below the necessary margin threshold. The trader’s positions will be forcibly closed at market price to cover losses and unpaid debts.
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Bitcoin’s Price Action
Surprisingly, Bitcoin’s gains continued in October. By the end of Q3 2024, prices had risen against all odds, with Bitcoin increasing by about 14% in the past month—roughly half of what was observed the previous year.
- BlackRock clients took advantage of the dip and doubled down on IBIT, its spot Bitcoin ETF, which currently oversees more than 403,000 Bitcoin.
- However, buyers showed signs of exhaustion as the daily chart’s Relative Strength Index (RSI) peaked on Tuesday at an overbought level of 70, then fell precipitously to 57, indicating a discernible waning of bullish momentum.
- On-chain data shows that only 1,000 BTC has been added to retail Bitcoin holdings in the last 30 days. Since July 3, when it hit a local bottom, the total assets held by this group of market participants have increased by 18,000 BTC. Retail investors possessed 1.753 million Bitcoin at the time of writing, slightly below the record of 1.765 million at the end of 2023.
These investors’ balances have been declining since May 2023, when retail holdings increased by 27,000 BTC. Retail investors experienced periods of strong growth prior to this decline, including the market recovery following the COVID-19 crash in April 2020, the peak of the preceding bull cycle in April 2021, and the bear market in 2022, marked by the collapse of the bankrupt cryptocurrency exchange FTX.
Ethereum’s Price Action
Ethereum’s price approached its crucial support level of roughly $2,500 on Friday after plunging more than 5%. This level is significant as it closely matches the 50% price retracement level at $2,485, the ascending trendline (formed by connecting multiple lows since early September), and daily support at $2,420.
Impact on Crypto-Related Stocks
Losses were also evident in stocks linked to the crypto industry. Shares of cryptocurrency exchange Coinbase (COIN) and Robinhood (HOOD) dropped 7% and 15%, respectively, after missing earnings forecasts.
Bitcoin miners Cleanspark (CLSK), Riot Platforms (RIOT), and MARA Digital (MARA) also experienced declines of 5% to 10%.
Bitcoin crashes below $70K, traders lose $277m
Business
PH refinery: 200 trucks will load petroleum products daily, says Presidency
PH refinery: 200 trucks will load petroleum products daily, says Presidency
No fewer than 200 trucks are set to load petroleum products at the government-owned Port Harcourt Refinery, the presidency has said.
A presidential spokesperson, Sunday Dare, made this known in a statement through his official X handle on Tuesday.
Newstrends had reported that the Nigerian National Petroleum Company on Tuesday announced that Port Harcourt Refinery has resumed operations and crude oil processing after years of inactivity.
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Reacting, Dare said, “200 trucks are expected to load products daily from the refinery, Renewing the Hopes of Nigeria.”
He added that “the Port Harcourt refinery has two wings.
“The Old Refinery comes on stream today with an installed production capacity of 60, 000 barrels per day of crude oil.”
PH refinery: 200 trucks will load petroleum products daily, says Presidency
Business
Breaking: CBN increases interest rate to 27.50%
Breaking: CBN increases interest rate to 27.50%
The Central Bank of Nigeria (CBN) has raised the lending interest to 27.50 per cent from 27.25 per cent.
This latest increase in the Monetary Policy Rate came after a meeting of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) on Monday and concluded Tuesday.
The Monetary Policy Rate measures the benchmark interest rate.
The CBN Governor, Yemi Cardoso, announced this in Abuja on Tuesday after the MPC meeting, last for the year, held at the apex bank’s headquarters.
He said the MPC voted unanimously to raise the MPR by 25 basis points from 27.25% to 27.50%; and retain the Cash Reserve Ratio (CRR) at 50% for Deposit Money Banks and 16% for Merchant Banks.
The CBN governor also said the MPC retained the Liquidity Ratio (LR) at 30% and Asymmetric Corridor at +500/-100 basis points around the MPR.
Business
Nigeria’s unemployment rate dropped to 4.3% in Q2 – NBS
Nigeria’s unemployment rate dropped to 4.3% in Q2 – NBS
Nigeria’s unemployment rate stood at 4.3 per cent in the second quarter of 2024, the National Bureau of Statistics (NBS) has said in its latest report.
The report released on Monday said the unemployment rate decreased compared to the 5.3 per cent recorded in the Q1 of 2024.
The NBS defined the unemployment rate as the share of the labour force (the combination of unemployed and employed people) who are not employed but actively searching and are available for work.
“The unemployment rate for Q2 2024 was 4.3%, showing an increase of 0.1 percentage point compared to the same period last year,” the report stated.
“The unemployment rate among males was 3.4% and 5.1% among females.
“By place of residence, the unemployment rate was 5.2% in urban areas and 2.8% in rural areas. Youth unemployment rate was 6.5% in Q2 2024, showing a decrease from 8.4% in Q1 2024.”
Report also said the unemployment rate among persons with post-secondary education was 4.8 per cent; 8.5 per cent among those with upper secondary education, 5.8 per cent for those with lower secondary education, and 2.8 per cent among those with primary education in Q2 2024.
Employment rate – 76%
The report showed that the employment-to-population ratio, which measures the number of employed workers against the total working-age population, increased to 76.1 per cent in Q2 2024.
“In Q2 2024, 76.1% of Nigeria’s working-age population was employed, up from 73.1% in Q1 2024,” the report stated.
Self-employment – 85.6%
The report further showed that Nigeria’s labour market saw a notable shift as the proportion of self-employed individuals increased in Q2 2024.
It stated, “The proportion of persons in self-employment in Q2 2024 was 85.6%.”
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