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Home Markets Cryptos

Thousands of traders liquidated, Bitcoin loses 3K as investors run to strong dollar

A total of $242.16 million was liquidated.

Olumide Adesina by Olumide Adesina
March 5, 2022
in Cryptos
Bitcoin on dollars
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Over the past week, the crypto market has been volatile with Bitcoin losing $3K in hours as oil rose more than 20% and a whole host of other commodities rose on supply concerns.

Bond prices rose Friday as investors sought safety in bonds, pushing the 10-year Treasury yield to 1.72%. Over the past week, the dollar index has gained 2%.

A good example of this is the price of crude oil, which reached its highest level in a decade and Brent hit $112 a barrel this week. Despite being offered at a steep discount, Russian oil struggled to find buyers.

Outlook

  • According to data from FTX exchange, BTC/USD has slid to a new March low of $40,551, down 10.2% in two days.
  • 68,270 traders were liquidated for the day. A total of $242.16 million was liquidated.
  • In terms of value, it was $6.24 million on Bybit – BTCUSD
  • The S&P 500 declined 1.4% on the day following declines in European indexes on fears over the security of Ukraine’s nuclear infrastructure.
  • A correction is taking place as tensions around Ukraine rise, and fear is also escalating as gold is surging upward.

In the meantime, macroeconomic prospects are bleak as a result of a combination of commodity inflation, a diminished capacity for central banks to tame it, and the damage already done by the COVID19 response over the past two years.

Investors will be paying close attention to inflation data, rising oil prices, and the continued Russian invasion of Ukraine this week.

As investors focus on the pending rate hike of the Federal Reserve on March 16, the Fed will also be top of mind. The Fed will not make any public announcements during the quiet period leading up to its meeting.

Despite Thursday’s release of the consumer price index for February, the economic calendar is relatively light this week.

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