Bitcoin
Crypto sees over $300 million in liquidations as Bitcoin and altcoins plummet
Bitcoin price fell below $61,000 on Monday as bearish pressure intensified, and as a result the market saw over $320 million in total liquidations in 24 hours.
With bulls unable to maintain key price levels As BTC traded lower, today’s drop shows buyers looking at a potential drop to the psychologically important $60,000 level.
The bloodbath is also visible across the altcoin market as Ethereum has failed to stay above the $3,300 level. Meanwhile, Solana, BNB, and XRP have lost significant portions of recent gains. Uniswap and Maker, which are down 12% and 9% in the last 24 hours, are the biggest losers among the top 50 coins by market.
Settlements reached more than US$320 million in the last 24 hours
As Bitcoin fell to over $62,000 on Monday, total liquidations in the crypto market surpassed $300 million.
With BTC below $61K and looking likely to add to losses, the annihilation of leveraged long positions has increased to over $324M. More than $286 million are long positions, while $36 million are short positions.
According to Coinglass datanearly $132 million of the settlements are for Bitcoin.
Longs represent the vast majority of rekt traders, with nearly $122 million in 24 hours, while liquidated short positions account for about $9.9 million. According to market data, more than $95 million in liquidated long positions occurred in the last 12 hours.
Overall, more than 85,440 traders were liquidated in the last 24 hours. The largest single liquidation order in this period, as of 12:30 pm ET on June 24, occurred on Binance – a burn of $15.36 million on the BTC/USDT pair.
Why did Bitcoin price drop drastically today?
On June 24, the administrator of the failed cryptocurrency exchange Mt. Gox announced that the long-awaited repayments to creditors will begin in July. With more than $9 billion in BTC on the defunct exchange earmarked for distribution, investor reaction to the news was swift and scathing.
Bitcoin price fell more than 5% following the news, breaking previous support levels as fears of potential selling pressure hit the market. The downward pressure also comes amid recent selling by a portfolio linked to the German government.
Earlier this year, German police seized around 50,000 BTC worth around $2.1 billion at the time.
Bitcoin’s gains in recent months have meant the coins’ total value has reached more than $3 billion. But data from Arkham Intelligence shows that the wallet recently sold a significant number of BTC, likely contributing to the selloff.
Miners also sold heavily, with data from IntoTheBlock showing around 30,000 BTC sold after the halving.
Bitcoin
Bitcoin (BTC), Stocks Bleed as China’s Surprise Rate Cut Signals Panic, Treasury Yield Curve Steepens
Risk assets fell on Thursday as China’s second rate cut in a week raised concerns of instability in the world’s second-largest economy.
Bitcoin (BTC)the leading cryptocurrency by market cap, is down nearly 2% since midnight UTC to around $64,000 and ether (ETH) fell more than 5%, dragging the broader altcoin market lower. The CoinDesk 20 Index (CD20), a measure of the broader cryptocurrency market, lost 4.6% in 24 hours.
In equity markets, Germany’s DAX, France’s CAC and the euro zone’s Euro Stoxx 50 all fell more than 1.5%, and futures linked to the tech-heavy Nasdaq 100 were down slightly after the index’s 3% drop on Wednesday, according to the data source. Investing.com.
On Thursday morning, the People’s Bank of China (PBoC) announced a surprise, cut outside the schedule in its one-year medium-term lending rate to 2.3% from 2.5%, injecting 200 billion yuan ($27.5 billion) of liquidity into the market. That is the biggest reduction since 2020.
The movement, together with similar reductions in other lending rates earlier this week shows the urgency among policymakers to sustain growth after their recent third plenary offered little hope of a boost. Data released earlier this month showed China’s economy expanded 4.7% in the second quarter at an annualized pace, much weaker than the 5.1% estimated and slower than the 5.3% in the first quarter.
“Equity futures are flat after yesterday’s bloody session that shook sentiment across asset classes,” Ilan Solot, senior global strategist at Marex Solutions, said in a note shared with CoinDesk. “The PBoC’s decision to cut rates in a surprise move has only added to the sense of panic.” Marex Solutions, a division of global financial platform Marex, specializes in creating and distributing custom derivatives products and issuing structured products tied to cryptocurrencies.
Solot noted the continued “steepening of the US Treasury yield curve” as a threat to risk assets including cryptocurrencies, echoing CoinDesk Reports since the beginning of this month.
The yield curve steepens when the difference between longer-duration and shorter-duration bond yields widens. This month, the spread between 10-year and two-year Treasury yields widened by 20 basis points to -0.12 basis points (bps), mainly due to stickier 10-year yields.
“For me, the biggest concern is the shape of the US yield curve, which continues to steepen. The 2- and 10-year curve is not only -12 bps inverted, compared to -50 bps last month. The recent moves have been led by the rise in back-end [10y] yields and lower-than-expected decline in yields,” Solot said.
That’s a sign that markets expect the Fed to cut rates but see tighter inflation and expansionary fiscal policy as growing risks, Solot said.
Bitcoin
How systematic approaches reduce investor risk
Low liquidity, regulatory uncertainty and speculative behavior contribute to inefficiency in crypto markets. But systematic approaches, including momentum indices, can reduce risks for investors, says Gregory Mall, head of investment solutions at AMINA Bank.
Low liquidity, regulatory uncertainty and speculative behavior contribute to inefficiency in crypto markets. But systematic approaches, including momentum indices, can reduce risks for investors, says Gregory Mall, head of investment solutions at AMINA Bank.
Low liquidity, regulatory uncertainty and speculative behavior contribute to inefficiency in crypto markets. But systematic approaches, including momentum indices, can reduce risks for investors, says Gregory Mall, head of investment solutions at AMINA Bank.
July 24, 2024, 5:30 p.m.
Updated July 24, 2024, 5:35 p.m.
(Benjamin Cheng/Unsplash)
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Bitcoin
India to Release Crypto Policy Position by September After Consultations with Stakeholders: Report
“The policy position is how one consults with relevant stakeholders, so it’s to go out in public and say here’s a discussion paper, these are the issues and then stakeholders will give their views,” said Seth, who is the Secretary for Economic Affairs. “A cross-ministerial group is currently looking at a broader policy on cryptocurrencies. We hope to release the discussion paper before September.”
Bitcoin
Bitcoin (BTC), Ether (ETH) slide as risk aversion spreads to crypto markets
Ether, the second-largest token, fueled a slide in digital assets after a stock rout spread unease across global markets.
Ether fell about 6%, the most in three weeks, and was trading at $3,188 as of 6:45 a.m. Thursday in London. Market leader Bitcoin fell about 3% to $64,260.
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