$BTC was still hovering around 71,000 in the morning, but it failed to hold 70,000 before noon, plunging to a low of 67,568. It’s now around 68,500, down a little over 7% in 24 hours and at its lowest since August 19. $ETH also fell below 2,000 and is now around 1,926.
CoinDesk says the U.S. Dollar Index climbed above 103, its highest level since April last year. After hotter-than-expected CPI data, the market is pricing in a rate hike in December, and tensions in the Middle East have risen again. More than $1.3 billion in futures positions were liquidated over 24 hours, including $677 million in BTC alone. Nearly $500 million was liquidated right when it fell below $70,000.
Leverage was too crowded, so this is what happens when prices fall. At times like this, I’d first reduce my leverage and wait until most of the liquidations have cleared before reassessing.
Source: CoinDesk
#BTC #Liquidations
CoinDesk says the U.S. Dollar Index climbed above 103, its highest level since April last year. After hotter-than-expected CPI data, the market is pricing in a rate hike in December, and tensions in the Middle East have risen again. More than $1.3 billion in futures positions were liquidated over 24 hours, including $677 million in BTC alone. Nearly $500 million was liquidated right when it fell below $70,000.
Leverage was too crowded, so this is what happens when prices fall. At times like this, I’d first reduce my leverage and wait until most of the liquidations have cleared before reassessing.
Source: CoinDesk
#BTC #Liquidations