A wave of selling took command of the cryptocurrency market on April 7 after Bitcoin (BTC) price dropped below $56,000. The market-wide sell-off led to $1.4 billion in liquidations and some analysts suggested that this could be the final sweep out of overleveraged long traders before Bitcoin can make a run higher to the $70,000 level. {chart} One sign that the market had moved ahead of itself over the past week was the rapidly rising Kimchi premium, which was followed by a seven percent decline in BTC price on April 7 as traders worried that it might be the signal for a market top. Despite the market downturn, ... (full story)