A significant number of investors saw their crypto accounts liquidated amid selling pressures observed in the early hours of Friday.
For the day, 137,446 traders were liquidated. The total liquidations come in at $517.24 million
The biggest single liquidation order occurred on Okex – ETH-USDT-SWAP valued at $3.30 million
Most crypto assets decreased in price after briefly decoupling from the rise in growth stock prices. The global crypto market stood at $1.18 trillion at the time of writing, down 5.35% over the previous day.
- As of last week, Bitcoin is down by 2% below $30K. It appears that the cryptocurrency is stabilizing after a sharp sell-off earlier this month. Over the past two weeks, it has been trading in a choppy range.
- Meanwhile, the S&P 500 recovered from oversold levels, reversing earlier losses. Despite short-term fluctuations, the 90-day correlation between bitcoin and stocks is still at an all-time high.
- Three separate incidents have occurred since the start of this week. In the first instance, BTC fell below $29,000 during the weekend as a result of the rejection. The same thing happened again the following weekend.
- On Thursday, Bitcoin again surpassed the $30K mark, an increase of almost $2,000 from the previous day. Unfortunately, this was also a temporary increase. It has since fallen below this mark. Bitcoin has struggled to hold on to the $29K mark.
- Despite the decline in market capitalization, the dominance of altcoins has increased to above 45%. The metric has now reached its highest level since October of last year.
- While bitcoin (BTC) remained mostly unchanged over the past 24 hours, tokens of the Solana (SOL) and Dogecoin (DOGE) protocols declined the most.
- Among major altcoins, Solana lost up to 8% amid a “risk-off” climate. Data from CoinGecko shows DOGE lost more than 5%, while BNB Chain’s BNB, Cardano’s ADA, and XRP went down relatively higher.
While the Federal Reserve’s rate-hike regime spurs volatility in the market and dampens previously-hot growth and speculative assets, investors once hot on crypto have also cooled on its prospects. This week, Scott Minerd, Chief Investment Officer of Guggenheim Partners, predicted Bitcoin would fall to $8,000. He once estimated that it might reach $400K.
This month, the collapse of Terra, a blockchain ecosystem that supported a major decentralized finance experiment, triggered wild contagion in an already bearish market. In spite of Terra’s operators passing a plan on Wednesday to start over on a new blockchain, investors in the rest of DeFi were less than convinced. The Ethereum network was made less energy-intensive due to a glitch.
