Bitcoin had finally seen a minor relief rally that drove it to ,000 after the US jobs report when the bears reminded of their presence and pushed it south hard. The total liquidations have skyrocketed to about 0 million on a daily basis. The primary cryptocurrency has faced its fair share of adversity in the past week or so, as its price tumbled from ,100 last Monday to ,500 earlier today. This is when some positive news affected the market. As reported earlier today, the asset jumped to ,000 after the US released the August jobs report, which outlined a minor decline in the unemployment rate. However, that was another short-lived rally that actually turned out to be a false breakout. Instead of further increasing on the hopes of upcoming rate cuts in the
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Bitcoin had finally seen a minor relief rally that drove it to $57,000 after the US jobs report when the bears reminded of their presence and pushed it south hard.
The total liquidations have skyrocketed to about $150 million on a daily basis.
The primary cryptocurrency has faced its fair share of adversity in the past week or so, as its price tumbled from $65,100 last Monday to $55,500 earlier today.
This is when some positive news affected the market. As reported earlier today, the asset jumped to $57,000 after the US released the August jobs report, which outlined a minor decline in the unemployment rate.
However, that was another short-lived rally that actually turned out to be a false breakout. Instead of further increasing on the hopes of upcoming rate cuts in the States, BTC quickly retraced hard.
In a matter of minutes, the asset slumped by about two and a half grand from $57,000 to $54,400. This became its lowest price tag in exactly a month.
The altcoins followed suit, with ETH declining to $2,320, SOL dropping below $130, and XRP retracing to $0.53.
This volatility has harmed over-leveraged traders as over 45,000 such market participants have been wrecked in the past day. The total value of liquidations is up to $150 million within the same timeframe.
The single-largest wrecked position was a whooping one. It took place on HTX and was worth north of $13 million.