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    Home»News»Markets»Daily Liquidations Goes Above $350m as Bitcoin Trend Looks Brearish
    Markets

    Daily Liquidations Goes Above $350m as Bitcoin Trend Looks Brearish

    Anietie DavidBy Anietie DavidSeptember 7, 2022Updated:September 7, 2022No Comments2 Mins Read
    Daily Liquidations Goes Above $350m as Bitcoin Trend Looks Brearish
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    As Bitcoin and other cryptocurrencies fall back into the red, the total value of daily liquidations has surpassed $350 million.

    The crypto market was favorable yesterday as altcoins saw significant price surges. Ethereum surged by double digits to a multi-day high of nearly $1,650, possibly fuelled by the Bellatrix upgrade – the final stage before the long-awaited Merge. Ethereum Classic was another huge gainer, breaking through the $40 barrier.

    However, the market attitude shifted hours following those advances. BTC was rejected at $20,000 and fell almost $1,500 to its lowest price position since late July of $18,500. Ethereum failed to capitalize on the excitement and fell below $1,500. ETC, along with a few other small- and mid-cap alts, fell by double digits.

    🚨🚨🚨 #BTC #Bitcoin #Ethereum #ETH
    Longs liquidation time. Now the market maker have liquidated both shorts and longs worth 400M last 24h.
    In other words if you trade and you are not a pro, you will certainly lose.

    Burning through your cash reserve while sidelined.
    💵🔥 pic.twitter.com/ORpzXrxdRn

    — Seth (@seth_fin) September 6, 2022

    The Year Has Not Been Favorable for Bitcoin and Other Cryptocurrencies

    Bitcoin has already lost more than 60% of its value this year, according to FTX exchange data. This traditional crypto asset has suffere by a sell-off of other crypto assets caused by industry bankruptcies and a deteriorating global macroeconomic situation.

    Prices for digital assets have fallen further during the month of June due to the collapse of the Terra stablecoin ecosystem, the bankruptcy of Voyager Digital and Celsius Network, the death of the hedge fund Three Arrows Capital, and the downfall of the hedge fund Terra. In addition, real interest rates are rising, putting pressure on a wide range of risk assets, including cryptocurrencies. Bitcoin’s price is falling, pushing it closer to a low of approximately $17.6K set in June following explosions at cryptocurrency lenders and hedge funds.

    The US Federal Reserve’s war against inflation may not be done until its deadline is met. For the most part this year, the Federal policymakers have been bullish on stock markets, warning traders (using the term “forward guidance”) ahead of time of imminent changes in monetary policy. However, that looks to be in the past. In July, Fed Chair Jerome Powell said that central banks would no longer employ “forward guidance”. 

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    Anietie David

    Anietie has worked in the blockchain industry for three years, gaining experience in blockchain technology, cryptocurrencies, DeFi, and NFTs. As a seasoned content writer, he is passionate about creating effective content strategies for blockchain brands. In addition to content writing, he also has a strong interest in front-end development. When he's not working, he spends his time reading horror novels or playing CODM.

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