Altcoins
$100 billion settled in BTC, ETH, SOL, XRP and other altcoins
This week’s cryptocurrency market sell-off has seen investors lose more than $100 billion in assets, while the cryptocurrency market capitalization has plummeted from $2.55 trillion earlier this week to $2.45 trillion. today’s dollars. The market correction was triggered by Bitcoin’s loss of bullish momentum amid panic selling amid a tough macroeconomic week ahead.
CoinGape accurately predicted a decisive moment for the price of Bitcoin last week before the price of BTC fell below $69,000. Expired and mixed crypto derivatives US employment data
, with the unemployment rate rising to 4.0% and an upside surprise in non-farm payrolls, caused negative sentiment. In contrast, the household survey reported a sharp decline in employment growth.
The decline of GameStop stock price and meme coin GME is also hurting the mood of the cryptocurrency market as Keith Gill, aka Roaring kitten
, continue to lead them. GameStop meme coin (GME) has fallen more than 17% in the past 24 hours. On Monday, however, GameStop shares fell 12.01% to $24.83.
Panic selloff ahead of the FED and BOJ’s rate hike decision
The price of Bitcoin fell 4% over the past 24 hours, from a 24-hour high of $70,195 to a low of $67,325. At the time of writing, BTC price is trading at $67,776 and indicates low buying interest in the spot and derivatives markets. The drop in CME Bitcoin futures open interest of 2.22% over the past 24 hours has had a strong impact on the bullish trajectory.
The price of Ethereum (ETH) has also fallen by 4% in the last 24 hours, with the price currently trading at $3,528. The 24-hour low and high are $3,514 and $3,711, respectively. Other altcoins have also collapsed in response to the decline of larger cryptocurrencies.
Traders are bracing for CPI inflation, the US federal rate hike decision, and the Bank of Japan’s rate hike decision this week. Options and futures traders are selling to fuel a further sell-off in the cryptocurrency market.
Cryptocurrency liquidations continue to increase
According to Coinglass data, major cryptocurrencies have seen more than $170 billion in market value lost in recent liquidations. Over 66,000 traders have been liquidated in the last 24 hours, with the largest single liquidation order being ETHUSDT is worth $6.60 million it happened on the cryptocurrency exchange Binance.
Nearly $145 million long and $25 million short were liquidated, with Bitcoin and Ethereum in total seeing a liquidation of over $80 million. This caused the cryptocurrency market to bleed, but also presented an opportunity for redemption.
Source: Coinglass
Meanwhile, the US dollar index (DXY) increased to 105.22. She has continued to remain volatile in recent weeks. Furthermore, US Treasury yields it also rose to 4.445 as investors look for new economic data, expected this week, that could provide further insights.
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