$150 Million Bitcoin Positions Liquidated In Minutes: What Does This Mean For Altcoins?

Bitcoin’s (BTC) recent decline was accompanied by a surge in open long position liquidation, rocketing as high as $150 million in a single day. As a result, altcoins like Ethereum (ETH) and meme coins like Dogwifhat (WIF) were severely impacted, with their prices plummeting drastically. Meanwhile, IntelMarkets (INTL), an emerging player on the crypto scene, has defied the downturn and could potentially offer investors a way out of the rot.

Let’s find out what BTC’s $150 million liquidation could do to altcoins and how INTL could save the day!

Bitcoin Liquidation Reaches $150 Million Amid Price Drop

Following the release of the United States jobs report on September 7, 2024, Bitcoin experienced a minor relief rally that drove the price up to $57,000. This was followed by a significant liquidation of open positions in Bitcoin, approximating $150 million. The wipeout happened in one day, according to data from on-chain analytic firm CoinGlass.

Last week, Bitcoin faced its fair share of adversity, resulting in its value tanking from $65,100 on September 2 to $55,500 on September 7.

However, the US jobs report nudged it upward slightly after the data showed a drop in the unemployment rate. Unfortunately, the rally was short-lived, turning out to be a false breakout preceding a sharp correction.

Notably, Bitcoin crashed from $57,000 to $54,400 in a few minutes, with altcoins like Ethereum dipping to $2,320, Solana to $130, and XRP to $0.53. Over 45,000 over-leveraged long traders lost a total of $150 million due to the correction, $13 million of which happened on HTX. Presently, Bitcoin is trading at $54,351, down 7.68% in the last seven days.

IntelMarkets Offers An Escape From Market Crash

Despite BTC’s crash affecting the entire crypto landscape, new market players like INTL have demonstrated immunity to the storm. This unfazed reaction has sparked curiosity about what makes INTL so special. INTL is an offshoot of IntelMarkets, and its performance is tied to the latter.

IntelMarkets is a perpetual futures contract market that offers advanced leveraged trading options to futures traders. The leverage options can go as high as 1,000x, aggrandizing traders’ exposure to digital assets and multiplying their potential gains.

IntelMarkets operates on two premium blockchains, Ethereum and Solana, leveraging the robust collection of DeFi applications, smart contracts, and liquidity pool in the former and the speed, scalability, and cost-effectiveness of the latter.

IntelMarkets perceives the need for flexibility and diversity in trading and has provided a solution by granting trading access to a wide range of digital assets that appeal to their desires.

Compared to traditional futures markets, IntelMarkets’ perpetual contracts have no expiry dates. That is, traders can hold a position for as long as possible.

Presently, the platform is running a public presale of its native token INTL, which raised $2 million during its private sale. The token is aiming to replicate its private sale’s success in its public presale, and crypto investors can cash in on this.

With nine days to the end of Stage 1 of INTL’s presale, investors can realize a 102% return when the price increases to $0.018182 in Stage 2, provided they buy the token at its current price of $0.009.

Dogwifhat in a Downtrend as Bitcoin Crashes

WIF, the native token of Dogwifhat, was not exempted from the impact of Bitcoin’s decline on the entire crypto market, altcoins and meme coins alike.

WIF’s downtrend kicked off in the last week of July 2024 and has since maintained a downtrend until this very day. Bitcoin’s recent collapse only exacerbated the pain for WIF investors as the asset’s price crashed even further.

Daily, weekly, and monthly time frame analyses hint at a continuation of its bearish trend. Although a few buys occurred in August, they were not enough to have a major mark on WIF’s price. Moreover, the Dogwifhat coin is struggling to maintain the $1.49 price zone, which could see the price drop to support regions like $1.40, $1.31, or $1.22.

Also, WIF’s trading volume has recorded a notable decline of 56.21% to $176.6 million in the last 24 hours. The asset, on the other hand, has registered a 1.18% increase to $1.52 within the same timeframe.

This divergence has created an air of uncertainty about the possible directions the asset will follow in the days to come.

INTL Provides a Clear Path to Gains Unlike BTC and WIF

While BTC and WIF wrestle with bearish factors, INTL remains in the hands of the bulls, making it a viable option compared to this duo. Its presale offers a rare opportunity for a 1,100% ROI in just a few weeks amid the bear market. Moreover, given that INTL has a smaller market capitalization compared to these established coins, it has a wider profit margin.

If its market cap reaches WIF’s level, investors could multiply their capital by tens of thousands of folds. Interestingly, experts believe its place could be among the top 20 digital assets after its official launch. Hence, investors looking for high-potential investment vehicles and an escape from the bearish market pressure may want to keep INTL under their radar.

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Disclosure: This is a sponsored press release. Please do your research before buying any cryptocurrency or investing in any projects. Read the full disclosure here.