...
...
Haider Jamal

Jun 16, 2024

75K Traders Affected By Bitcoin Liquidations As Volatility Continues

Over the past day, nearly 75,000 traders have been hit hard by recent market movements. Bitcoin (BTC) saw its price go on a rollercoaster, dropping to $65,000 yesterday, its lowest in about a month. This volatility also affected altcoins like NEAR, FIL, and FET, which saw significant declines.

 

More Of The Same

BTC started the week positively, briefly exceeding $70,000 on Monday. However, concerns over US CPI data and the upcoming FOMC meeting led to a drop to $66,000 on Tuesday. Following a surprise CPI increase, Bitcoin quickly bounced back to $70,000 before sliding to $65,000 by Friday evening. Despite a partial recovery, BTC ended the day down 1.5%. This volatility triggered liquidations totaling over $200 million which affected almost 75,000 traders within 24 hours.

Bitcoin also saw its market capitalization dip to $1.3 trillion, but it maintains dominance over altcoins, comprising just over 51% of the market. In response, most altcoins also saw declines, though some have since recovered slightly. SOL fell by 3% to $143, while DOGE and SHIB dropped nearly 5%. AVAX, DOT, and ADA saw declines ranging between 2% to 4%.

However, TON and UNI bucked the trend, each gaining 3% and 3.5% respectively, with TON now trading just above $8 and UNI at $11. Further losses were observed in NEAR, FIL, FET, and AR, contributing to an overnight decrease of approximately $50 billion in the total crypto market capitalization.

 

Other Markets

The Dow Jones Industrial Average soared past the historic 40,000 mark for the first time, driven by investor optimism amidst expectations of imminent rate cuts. This milestone underscores growing confidence in the market despite contrasting signals by the Federal Reserve. Meanwhile, Goldman Sachs revised its S&P 500 target upwards, buoyed by a robust profit outlook.

Globally, efforts to implement rate cuts face initial hurdles, reflecting complex economic landscapes. In a surprising twist, Asian junk bonds have emerged as top performers, outshining other investment options. Amid these market dynamics, Japan is reportedly considering expanding its nuclear power plants, potentially reshaping its energy strategy.

In South America, Argentina faces disruptions as unions announce strikes impacting production in the Vaca Muerta region, a key area for oil shale. In other news, the passing of William Donaldson, former SEC chairman and influential figure in investment banking, marks the end of an era. As uncertainties persist, the European bond market appears resilient despite internal turmoil in France posing minimal contagion risk. Lastly, various Chinese premium brands are experiencing a downturn in investor favor, reflecting broader market sentiments.

 

Top News


Read more latest news

Press Releases

...
Terra
Do Kwon Trial Begins Despite The Founder

6 months ago Mar 26, 2024

The civil fraud trial involving Ter... Read more

...
Goldman
Goldman Sachs Clients Look To Get Back

6 months ago Mar 25, 2024

Institutional clients served by the... Read more

...
Payments
New Payment Limit For Crypto Wallets Scrapped

6 months ago Mar 25, 2024

The recent Anti-Money Laundering re... Read more

...
Bitcoin
Bitcoin Undergoes Price Correction As International Economies

6 months ago Mar 24, 2024

A significant portion of the crypto... Read more

Join Our Newsletter

Get the latest trends and updates on our crypto community.