Is the party over? The crypto market registered a major slump Friday, resulting in major cryptocurrencies losing key support and falling to new monthly lows after a prolonged bullish surge over the past month. (Reporting via _prashantjha)
), the second largest cryptocurrency, has surged past $2,000 in the run to the Merge but slumped by 6% over the past 24 hours to register a new weekly low of $1,726.
The flash crash after weeks of bullish momentum also saw 157,098 traders getting liquidated in the past 24 hours resulting in liquidation of over $551 million. Data from Coinglass indicate Bitcoin traders lost over $203 million in liquidations, followed by Ethereum traders at $140 million. The following liquidation chart indicates that the number of liquidated long positions outnumber the short ones by a significant margin, indicating the market sentiment was highly bullish until the flash crash. The value of short positions liquidated was only $41 million against $398 million in long positions.BTC futures long liquidations reached an 8-month high of $84,934,697.05 on OKX , breaking the previous high of $48,630,183.66 observed on May 5, 2022.
The sudden plunge in the crypto market is being attributed to the Fed’s expected interest rate hike in September. August consumer price index data came lower than expected, leading to a bullish surge in crypto and forex markets alike.
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