The crypto market has taken another sharp collective dive 📉! Over the past 24 hours, the entire crypto market has fallen 5.46%, with its total market cap dropping to $2.31 trillion. Bitcoin plunged even further, down 6.48% to $68,723.
The pressure comes from rising U.S. inflation and Treasury yields. Markets are starting to worry that the Fed may raise rates again in December, sending funds fleeing risk assets. Outflows from spot Bitcoin ETFs have yet to let up: $1.44 billion has flowed out over five trading days, adding further selling pressure.
The derivatives market is in even worse shape, with $1.62 billion in liquidations across the board in the past 24 hours, nearly 90% of them from long positions. Everyone is now watching the $68,500–$69,000 range closely. Whether this level holds will go a long way toward determining where the market goes next. Be very careful with leverage ⚠️.#加密货币
The pressure comes from rising U.S. inflation and Treasury yields. Markets are starting to worry that the Fed may raise rates again in December, sending funds fleeing risk assets. Outflows from spot Bitcoin ETFs have yet to let up: $1.44 billion has flowed out over five trading days, adding further selling pressure.
The derivatives market is in even worse shape, with $1.62 billion in liquidations across the board in the past 24 hours, nearly 90% of them from long positions. Everyone is now watching the $68,500–$69,000 range closely. Whether this level holds will go a long way toward determining where the market goes next. Be very careful with leverage ⚠️.#加密货币