Bitcoin has dropped over 33% this week and has failed to hold support
at the 2017 cycle high. It is now trading below $18,000, with the total crypto
market cap hovering near $800 billion. Never dropped this low in its 12- year
trading history.
We are seeing more liquidity driving prices and sentiment lower, triggering
more liquidations and negative sentiment some flushing out is needed still, but
this will exhaust after some stage.
The volatility has been aided by the US Fed’s interest rate hikes as well as
liquidation issues faced by centralized Defi platforms such as Celsius and the
possible collapse of 3AC venture capital.
Total liquidations were $566.7 million in the past 24 hours with Bitcoin ($271
million) and Ether($192 million). A mix of toxic bad news cycles and
high-interest rates has been deleterious to riskier assets like crypto.
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