Under threat of greater rate hikes from the Federal Reserve, Bitcoin is plunging to a monthly low, alongside stocks. Hundreds of millions of dollars in liquidations have been set off across the crypto market in the process.
- Last week, Bitcoin fell back below $45k despite having a bullish late March. This came following hawkish comments from Federal Reserve Governor Lael Brainard, who said that the task of reducing inflation pressures was “paramount” the previous day.
- Stocks and bonds also fell following these comments, with which Bitcoin has held a tight correlation in recent months.
- The downtrend continued this Monday, as Bitcoin fell below $40k for the first time since March 16th. Its price is $39,773 at the time of writing after having fallen to 39,570, according to Bitstamp.
- This has not left bullish traders in good shape. According to Coinglass, over $439M has been liquidated across the crypto market within 24 hours. That includes 141,000 trades, one of which just lost $10M on his trade.
- Across cryptocurrencies, about $152 million in liquidations occurred among Bitcoin traders, versus $103 million among Ethereum traders.
- As is typical, altcoins are down heavily as well. Ethereum is barely holding $3000, while Solana is already down 12% today.
- The event mirrors the losses from last week, which also exceeded $400M.
- "
- 000
- 39
- About
- According
- across
- already
- Altcoins
- among
- Another
- Bitcoin
- Bloomberg
- Bonds
- BTC
- Bullish
- comments
- crypto
- Crypto Market
- cryptocurrencies
- day
- Despite
- dollars
- down
- ethereum
- Event
- Federal
- federal reserve
- First
- first time
- following
- good
- Governor
- greater
- having
- holding
- HTTPS
- Hundreds
- inflation
- liquidations
- March
- Market
- million
- millions
- Monday
- months
- price
- process
- reducing
- Said
- set
- Solana
- Stocks
- time
- today
- trade
- Traders
- trades
- USD
- Versus
- week
- while
- WHO
- within
- writing