Bitcoin Falls Near $69K On Long Liquidation
By Laxmikant Khanvilkar
Virtual digital assets (VDA) suffered losses in the past 24-hours as uncertainty over Federal Reserve’s interest rate decision triggered the largest amount of leveraged long liquidations in a week.
Investors have hunkered down before key inflation data that is expected to factor into the outlook for interest rates, analysts said.
Bitcoin (BTC) led the decline among cryptocurrency by falling below $69,000 mark. The largest cryptocurrency by market capitalisation, was recently priced at $69,134 down 3%.
The price drop led to almost $200 million worth of leveraged derivatives trading positions being liquidated across all digital assets, CoinGlass data shows. The overwhelming majority, some $175 million worth of positions, were longs betting on prices to rise. This was the largest daily leveraged long flush in a week, the data show, suggesting that leveraged traders were caught off-guard.
Bearish sentiment echoed through the breadth and length of the crypto market.
Ethereum (ETH), the second largest cryptocurrency by market capitalisation, slipped below $3,600 level. It recently hanged hands at $3,502 down 5%.
Elsewhere, SOL, ADA, XRP, AVA, alongside meme coins were trending lower.
The global crypto market cap decreased 3.6% to $2.59 trillion in the last 24 hours. On the other hand, the total crypto market volume gained 2% to $99 billion. Total volume in DeFi is currently $9.5 billion, and all stablecoins are $90 billion, representing 9% and 91%, respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 52.5%, up 0.1% over the day.
The IC15 index, the barometer of the top fifteen tokens, slumped 3% to 88,0228.
Meanwhile, Bitcoin failing to break the record high reached in March, suggests that the subdued prices might continue for a while before targeting fresh highs.
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