Around 200,000 traders have been liquidated to the tune of more than $900 million over the past 24 hours as Bitcoin fell to a seven-week low — decimating its gains after the Federal Reserve chair signaled interest rate cuts at Jackson Hole last week.
Long positions accounted for the majority of liquidations. according to CoinGlass, which came as Bitcoin (BTCCoinbase briefly saw a price drop below $109,000, the lowest since July 9.
“Selling pressure intensified as a large holder offloaded 24,000 BTC, triggering a wave of liquidations,” Rachael, a crypto analyst from BTC Markets.
It has been redeemed. corrected Since Friday’s Jackson Hole Speech, in which Jerome Powell hinted that monetary policy would be eased, the price has dropped 7%.
“We have to go through the tough liquidation days so that we can go up,” said Bobby Ong is the co-founder and CEO of CoinGecko.
Peter Schiff, a gold-bug who predicted the fall of $75,000 to $70,000 before adding, “Sell now and buy back lower.”
“Capital is rotating out of risk, with thin weekend liquidity amplifying swings. Ethereum remains a focus for institutions, but the market is now weighing whether this is a pause in the uptrend or the start of a deeper pullback,” Lucas wrote in an email seen by Cointelegraph.
September usually a bearish The ninth month is the most volatile month of any bull market year, and in both 2017 and 2021 there are significant declines in price.
Ether, the holding back
Due to Bitcoin’s daily 2.8% decline, the total market cap has fallen below $4 trillion once again. Crypto markets have erased all gains made last week. Nearly $200 billion have left the crypto space and the cap is now back at $3.84 trillion.
Related: Bitcoin late longs wiped out as sub-$110K BTC price calls grow louder
EtherETHThe price of a remained above the previous week’s lowest level, at $4,340. faring better Bitcoin is the preferred cryptocurrency for now.
Solana’s losses were higher for many altcoins.SOLDogecoinDOGE), Cardano (ADAChainlinkLINKSui (SUI).
Magazine: ETH ‘god candle,’ $6K next? Coinbase tightens security: Hodler’s Digest
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Source: cointelegraph.com
