New market risks emerge during Bitcoin's worst week
Overview Bitcoin hit an all-time high of $126,199 just four days before the historic October 10 liquidation crash. Crypto traders mark the one-year anniversary of a $19 billion leveraged-trading liquidation. October market risks include an oil shock, diesel shortages, and geopolitical uncertainty. Bitcoin has recovered from its June low but remains about 32% below last year's high. That same week, crypto leverage concerns coincided with global energy risks.
Cryptocurrency exchanges forcibly liquidated $403.6 million worth of leveraged crypto long positions in one hour.
Bitcoin fell from around $85,500 to below $84,000 as exchanges liquidated long positions.
Opinions are divided on whether the flush, equivalent to 0.27% of open interest, can be considered a reset.
Read the original article by Darryn Pollock on jp.beincrypto.com: “Bitcoin Drop Triggers Over $400 Million in Long Liquidations: Market Correction or Warning?”
The S&P 500 index topped 7,800 to hit a new all-time high, while the 10-year Treasury yield rose into the 5.3% range.
According to CNBC, money managers are divided over whether the strength of the technology sector will spread to other sectors.
If the Fed raises interest rates again in December, can struggling sectors catch up?
Read the original article by Darryn Pollock, “S&P 500 Hits New All-Time High, but Opinions Are Divided on Whether the Rally Will Broaden,” at jp.beincrypto.com