Cryptocurrency

CRYPTO: Over 100K Investors Liquidated As Bitcoin Falls To $18.5K

CRYPTO: Over 100K Investors Liquidated As Bitcoin Falls To $18.5K

CRYPTO: Over 100K Investors Liquidated As Bitcoin Falls To $18.5K

CRYPTO: Over 100K Investors Liquidated As Bitcoin Falls To $18.5K

The leading cryptocurrency has dropped below $19K for the first time in more than 60 days. For a number of reasons, investors seem to be undervaluing bitcoin. The performance of the American stock market is, as usual, directly related to the asset’s fall. After a turbulent trading session, stocks were down today, in part due to worries that the Federal Reserve will keep hiking interest rates.

ALSO, READ Nearly 67,000 Investors Lose Everything As Bitcoin Falls Below $24K

A total of $364.74 million worth of traders were liquidated throughout the course of the day, which saw 103,741 liquidations. The greatest single liquidation order, worth $2.57 million in BTC-USDT-SWAP, occurred on Okex.

Bitcoin is about to reach this year’s lows following a cryptocurrency sell-off that once again reduced the sector’s overall market worth below $1 trillion.

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The largest digital token was trading at around $18.5K in the early hours of Wednesday, having lost more than 6% of its value so far this week. In the last 24 hours, the market capitalization of cryptocurrencies has decreased by a comparable amount, according to Coinmarketcap

ALSO, READ United States’ Federal Reserve Hike Raises Bitcoin Above $22000

  • According to FTX exchange data, Bitcoin has already lost over 60% of its value for the year. This cryptocurrency is suffering from a sell-off of other crypto assets that is being driven by industry bankruptcy and a deteriorating global macroeconomic environment.
  • Since the month of June, prices for digital assets dipped further as a result of the failure of the Terra stablecoin ecosystem, the bankruptcy of Voyager Digital and Celsius Network, the demise of the hedge fund Three Arrows Capital, and the demise of the hedge fund Terra.
  • Real interest rates, which are thought of as the true cost of borrowing, are rising, which is putting pressure on a variety of risk assets, including cryptocurrencies. The decline in the price of Bitcoin is bringing it closer to a low point of around $17.6K that was reached in June following explosions at cryptocurrency lenders and hedge funds.

    CRYPTO: Over 100K Investors Liquidated As Bitcoin Falls To $18.5K

  • The fight against inflation launched by the US Federal Reserve may not be over until its deadline is reached.
  • The Fed’s decision-makers have been optimistic about stock markets for most of this year, alerting traders in advance (under the term “forward guidance”) to impending changes in monetary policy. However, that appears to be the past already. Jerome Powell, the chair of the Fed, declared in July that forward guidance would no longer be used by central banks.

IBEH C. JOE

Financial analyst, Entrepreneur, Blogger and Business model

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