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Home Markets Cryptos

Bloodbath: 185,450 crypto investors lose all their funds as Bitcoin drops to $38K

Olumide AdesinabyOlumide Adesina
1 year ago
in Cryptos
Bloodbath in Bitcoin

185,450 crypto investors lose all their funds as Bitcoin drops

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Bitcoin plummeted by more than 7% in the last 24 hours and was trading at $38,5K in the early hours of Friday.

Experts had warned previously that bitcoin might fall below $40K due to concerns of pending interest rates hike and crypto ban proposal set in place by the Russians.

Ether, the second-largest cryptocurrency by market cap, dived 8% in the last 24 hours. It was trading as low as $2,860 for the day according to data seen from the FTX exchange.

How the crash stacks

  • For the day, 185,480 traders were liquidated, with assets worth over $715 million. The largest single liquidation order happened on Bitmex – XBTUSD value $9.91 million.
  • Binance had the most liquidations of all the exchanges, with $173 million, 91% of which were long positions. In second place was Asian-focused exchange Okex, with $170 million in longs.
  • A common investment case for the flagship crypto is that it serves as a hedge against rising inflation as a result of quantitative easing by global central banks in order to tame COVID-19 disruption in the global economy, but experts are saying the risk is that a more hawkish Federal Reserve may take the hit on Crypto assets.
  • The declines in crypto follow Wall Street losses on Thursday. The Nasdaq was down almost 5% this week, and the S&P 500 is into its third straight week of losses.

The catalysts

  • As the 10-year U.S. Treasury yield spiked earlier this week, rising rates have caused investors to shed their positions in riskier assets. Yields move opposite to prices.
  • The Federal Reserve has also indicated it plans to begin reducing its balance sheet, as well as tapering of bonds and raising interest rates.
  • Since November, Bitcoin prices have tumbled more than 50% from their record high of $69K.
  • As a result of intense price fluctuations and increased regulatory scrutiny, many industry experts predict that the crypto market will continue to experience a downturn.
  • Regulators are also targeting cryptocurrencies. Besides the Chinese government banning all crypto-related activities, U.S. authorities are cracking down on several aspects of the market as well.
  • A Russian official has proposed banning the use and mining of virtual currencies on Russian soil, claiming it threatens monetary policy sovereignty and financial stability.
Tags: Bitcoincrypto

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