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United States Interest Rate Hike Causes Liquidation Of 74K Crypto Investors

United States Interest Rate Hike Causes Liquidation Of 74K Crypto Investors

United States Interest Rate Hike Causes Liquidation Of 74K Crypto Investors

United States Interest Rate Hike Causes Liquidation Of 74K Crypto Investors

As the US central bank is largely anticipated to issue a 75 basis point interest rate hike later this week, investors have remained away from riskier assets. As a result, bitcoin has decreased to $20K as sell-offs have gotten worse.

Those who dared in the cryptocurrency derivatives market paid a steep price as 73,995 traders were liquidated for the day, totaling $208.99 million in liquidations. On Okex, there was a single liquidation order valued $1.57 million in ETH-USD-SWAP.

ALSO, READ Tesla Makes $64 Million From Its Bitcoin Sale 

The direction of the asset’s journey following the FOMC meeting might be determined by a significant spike in either way at this critical juncture in the price of bitcoin.

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United States Interest Rate Hike Causes Liquidation Of 74K Crypto Investors

Investors are currently unsure, but once it is reported that interest rates will increase as projected by economists, this is likely to change. Bitcoin owners are being cautious in front of an expected rise.

ALSO, READ Binance Inc. Brings Blockchain Education To Northern Nigeria

  • The price of bitcoin was recently at $21.1K, down about 5% from the previous day. Early on Monday (UTC time), bitcoin started to decline as investors once again expressed concern about the Federal Reserve and other central banks’ capacity to control inflation without sending the economy into a deep recession. Since reaching $24,000 last Wednesday and raising optimism that it had bottomed out, bitcoin has dropped for four straight days.ALSO, READ Foreign Investments On The NSE (NGX) Falls To 14.6% In First Half Of 2022

United States Interest Rate Hike Causes Liquidation Of 74K Crypto Investors

  • The second-largest cryptocurrency by market cap, ether, was recently trading below $1,500, down more than 8% during the same time span and far from its most recent high near $1,600. AVAX and MATIC, two other significant altcoins, both fell by over 10% at one point, were also swimming in red.
  • The lawyers for bankrupt cryptocurrency lender Voyager Digital described an offer by FTX to provide early liquidity to Voyager customers as a “low-ball bid dressed up as a white knight rescue” that only benefits FTX on Monday, adding further fuel to a scandal that is likely to continue to plague the cryptocurrency industry for at least the foreseeable future. Voyager submitted a Chapter 11 bankruptcy petition this month.

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IBEH C. JOE

Financial analyst, Entrepreneur, Blogger and Business model

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