Canada News Bitcoin declines after $80 million is lost in a day – After losing millions of dollars worth of leveraged long bets, the cryptocurrency market is a sea of red as cautious investors consider worrying about US inflationary statistics.
Bitcoin is now worth $23,274 as of Tuesday, down 6% from the previous week. Bitcoin declines after $80 million are lost in a day The biggest cryptocurrency in the world by market cap has decreased since reaching a peak of more than $25,000 one week ago.
Analyzing the ongoing inflation concerns in the US, cautious investors are considering the likelihood that the Federal Reserve would adopt more aggressive interest rate rises than initially expected.
The likelihood of a 50 basis point (bp) rate hike at the upcoming Federal Open Market Committee (FOMC) meeting, which is planned for March 15 and 16, is rising in comparison to the previously predicted 25 bps increase.
Bitcoin declines after $80 million is lost in a day Interest rate increases cause the money supply to shrink and promote saving in US dollars as opposed to investing in risky securities like bitcoin (BTC-USD) and Ethereum (ETH-USD) Canada News .
According to statistics from CoinGecko, the cryptocurrency market cap is currently $1.11 trillion, changing by 1.0% during the past 24 hours. Both the worry around inflation and the tightening net of crypto regulation in the US, UK, and Europe appear to be contributing factors to the most recent downturn.
The present price decline has been exacerbated by the loss of roughly $80 million in leveraged crypto-long holdings.
Data from CoinGlass shows that 28,201 traders were liquidated on the last day, for a total liquidation value of $79.43 million.
The Seychelles-based Bitmex exchange saw the greatest single liquidation order, wiping away a long position in bitcoin to US dollars worth $4.24 million.
When the US consumer price index (CPI) and producer pricing index (PPI) for January both came in higher than markets had anticipated, the inflationary worry started to emerge the week before last.
Investors were under the impression that inflation would continue to decline, which is an issue. Bitcoin declines after $80 million are lost in a day Canada News.
Although inflation is now lower than it was in the summer of 2022, recent assessments have revealed that it still has an unexpectedly long shelf life.
Latest Posts
- Canada News on Crypto: Polygon and XRP are the largest losses; Bitcoin and Ether gain
- Canada News – International Business Study of the Cryptocurrency Industry 2029
- This is how much you would have now if you had invested $10,000 in Dogecoin in the year 2020 Canada
Welcome to Fluxnet-Canada! Our website is dedicated to providing the latest news and updates related to cryptocurrency. Our team of five members is committed to bringing you the most informative and educational content possible in Canada. Our website provides an extensive range of news articles, including topics such as blockchain technology, cryptocurrencies, exchanges, and regulations. We hope you find our website helpful and informative!