Crypto Selloff Triggers $550 Million in Liquidations
Bitcoin and Ether fell as forced selling swept crypto markets, while traders awaited Federal Reserve meeting minutes for clues on interest rates.
Key takeaways
- About $550 million in crypto positions were liquidated over 24 hours, according to Coinglass data.
- Bitcoin traded at $83,757, down 2.85% over 24 hours, as of 10:50 UTC Wednesday.
Crypto markets slid Wednesday as about $550 million in positions were liquidated over 24 hours, according to Coinglass data. Bitcoin fell as much as 2.4% to $83,583, while Ether dropped 3.9% to $2,594.
As of 10:50 UTC, Bitcoin traded at $83,757, down 2.85% over 24 hours. Ether was at $2,578.82, down 5.03% over the same period.
Dan Khus, chief analyst at LVRG Research, said the move reflected crowded bets on rising prices being forced out, with most liquidations coming from long positions. Traders were also watching for Federal Reserve meeting minutes later Wednesday; BTC Markets analyst Rachael Lucas said a hawkish reading could lift yields and the dollar, pressuring risk assets.
This article was produced with the help of AI technology. Source: Yahoo Finance
