Recently, the crypto market faced substantial turmoil, seeing over $480 million liquidated as US Treasury yields soared. Around 157,000 traders experienced liquidations, significantly impacting Bitcoin and Ethereum.
Bitcoin fell more than 5% after a week of gains, while Ethereum dropped almost 8%. The largest single liquidation happened on Binance amid a 7% market cap decline.
The sudden rise in 10-year US Treasury yields following unexpected US service sector growth spurred inflation worries, pressuring crypto assets.
Open interest changes further joined the liquidations wave, with both Bitcoin and Ethereum seeing significant deleveraging.
Market analysts are divided, with some predicting Bitcoin's slump under $93,000, while others see liquidation as signaling a new bullish cycle.
Economic data also playing a role, with stronger-than-expected US labor market figures potentially influencing Federal Reserve rate policies, adding more pressure on cryptocurrencies.
Crypto-related stocks like MicroStrategy felt the aftermath, dropping sharply, yet Bitget token showed resilience, gaining value.
Quelle: beincrypto.com ↗