The price of Bitcoin went down, which caused people to sell off $439 million!
The recent drop in the price of BTC has been seen, but it was a surprise because it had been steadily going up.
The price of the main cryptocurrency has hit its lowest point in a month recently, along with the stock. There are a lot of fears that the Federal Reserve is going to raise interest rates significantly. Since then, the crypto market has seen a lot of liquidations.
Recent times have seen bitcoin and the crypto market fall back below the $45,000 mark, which has been a high point for the market since late March when it was on the rise. That’s why the governor of the Federal Reserve, Lael Brainard, said something that made people think that the Fed was going to raise interest rates, so that’s why people thought that. She said that lowering inflation pressure was very important the day before.
People who said that the crypto market, especially bitcoin, had a lot of influence on bonds and stocks, also caused them to fall, which is why they were down after that. That trend continued on Monday, when bitcoin fell below the $40K mark for the first time since March 16th, the day before. A few days ago, it was $39,373. At the time of this writing, it is $40,371.
The situation has made it impossible for bullish traders to stay in the game and stay in good shape. In the last 24 hours, more than $438 million worth of crypto has been sold on the crypto market. The data also said that there were 141,000 traders who were part of the liquidation amount. One of them lost about $10 million in his trade.
In total, Bitcoin traders lost about $512 million across all cryptocurrencies in liquidation, while Ethereum traders lost about $103 million in the same way. As is typical, altcoins are down a lot as well. For now, Ethereum was only holding about $3000, and Solana was down about 12%, but later in the day, there was some recovery. Also, last week, the bitcoin event went down, causing losses of more than $400 million.