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Home Markets Cryptos

High sell-offs in the crypto market as Bitcoin loses more than 7% for the day

Olumide Adesina by Olumide Adesina
August 20, 2022
in Cryptos, Markets
Crypto market

cryptocurrency

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A large portion of the crypto market is experiencing a bright red day as losses in Bitcoin and Ethereum have shocked the evolving financial assets.

From mid-afternoon on Friday to the time of writing, Bitcoin had a steep decline and was recently trading below $21.2K, down more than 7% on the day. As regards market capitalization, the biggest cryptocurrency by market value is down 14% for the week.

The downturn began during overnight trading, which also happened to coincide with unusually high inflation statistics in the biggest economy in Europe.

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In July, Germany’s annual producer inflation rates surpassed expectations and reached a record high of 37%.

The cost of goods and services sold by manufacturers in a region is reflected in producer prices. The German PPI data is comparable to the American PPI data. Comparatively, the PPI reading for the US in July was 9.8%.

The price of the yellow metal, which is typically considered a shelter against inflation, fell by 0.6% as investors hastily switched to the safe haven currency amid risk-off appetite.

Crypto market outlook

  • The global crypto market valuation at the time of writing is $1.02 trillion, a 6% decrease over the last day.
  • Before falling further to below $21,500 on the FTX market, Bitcoin first dropped to $22.8K. This was the asset’s lowest price point in more than three weeks.
  • 112,938 traders were liquidated for the day, totaling $561.35 million in liquidations.
  • The greatest single liquidation order, worth $4.4 million in ETHUSDT, was made on Binance.
  • According to data from CoinMarketCap, ApeCoin, the Ethereum-based cryptocurrency of the Bored Ape Yacht Club ecosystem, has fallen more than 15% in the most recent day and 23% in the past seven days.
  • Since its March launch, APE, which will power the upcoming Otherside metaverse game, has been particularly turbulent.

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Tags: BitcoincryptoFeatured
Olumide Adesina

Olumide Adesina

Olumide Adesina is a financial market writer, analyst and investment trader. Message Olumide on Twitter @Olumidecapital

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    August 21, 2022 at 8:50 am

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