Almost $1 billion in crypto liquidations in 24 hours, and the selloff is global
According to CoinGlass, $972M was wiped out in a day, and about 92% of it came from long positions. More than 182,000 traders were liquidated. The largest single order was a $12M $BTC long on Binance, closed at around $80,800.
Ethereum took the biggest hit with $292M in liquidations, followed by Bitcoin at $200M.
Stocks didn't look any better. The Nasdaq dropped 1.9% after hotter-than-expected US inflation data, and chipmakers led the decline.
Asia picked up the selling the next morning. South Korea's KOSPI fell almost 9% and triggered a trading halt, its 10th this year.
Japan's Nikkei 225 lost 5%.
The main driver is the Fed. After the inflation report, markets raised the odds of another rate hike at the October 27-28 meeting to about 32%. Higher rates usually mean less appetite for risk, and crypto feels it first.
#BTC Price Analysis# #Macro Insights#
According to CoinGlass, $972M was wiped out in a day, and about 92% of it came from long positions. More than 182,000 traders were liquidated. The largest single order was a $12M $BTC long on Binance, closed at around $80,800.
Ethereum took the biggest hit with $292M in liquidations, followed by Bitcoin at $200M.
Stocks didn't look any better. The Nasdaq dropped 1.9% after hotter-than-expected US inflation data, and chipmakers led the decline.
Asia picked up the selling the next morning. South Korea's KOSPI fell almost 9% and triggered a trading halt, its 10th this year.
Japan's Nikkei 225 lost 5%.
The main driver is the Fed. After the inflation report, markets raised the odds of another rate hike at the October 27-28 meeting to about 32%. Higher rates usually mean less appetite for risk, and crypto feels it first.
#BTC Price Analysis# #Macro Insights#