We do the research, you get the alpha!
Get exclusive reports and access to important insights on airdrops, NFTs, and more! Subscribe to Alpha Reports now and up your game!
Go to Alpha Reports
The price of the world’s largest cryptocurrency by market capitalization has fallen to its lowest point since February, triggering a cascade of liquidations worth hundreds of millions of dollars.
As a result, liquidations in long positions, or expectations that prices will rise, have soared to more than $500 million in the previous 24-hour period, according to CoinGlass data.
This is the largest single-day wipeout for the cryptocurrency market since mid-April. An additional $80 million in short positions were also liquidated.
This comes as the price of Bitcoin dropped to $55,000 on Thursday evening. The asset has since recovered some losses to around $55,550, CoinGecko data show.
Bitcoin has struggled to regain a foothold above $60,000, plagued by a lack of investor confidence and concerns surrounding a $2.7 billion transfer from Mount Gox cold storage of the bankruptcy estate for an unidentified portfolio.
Ethereum, the world’s second-largest cryptocurrency, also fell more than 4% below $3,000, the first time since May 17.
Uncertainty over the US Federal Reserve’s ability to control inflation this year is weighing on risk assets, including cryptocurrencies.
As a result, cryptocurrency prices may continue to feel the pinch, with experts predicting a further drop for Bitcoin to $52,000. Decipher previously reported.
Daily Debriefing Newsletter
Start each day with the latest news, plus original articles, a podcast, videos and more.
Fuente
