Crypto Market Bleeds Ahead of FOMC Meeting Minutes Today- Another Crash Or Recovery?
The crypto market tosses bulls out of the picture this week, as fear and bears take over investors’ trading decisions. Despite surpassing a $4T market cap earlier in the month and BTC’s ATH rally, the trends have completely changed today. Under the impact of which, $450M worth of liquidation position has been wiped out.
Crypto Market Crash Fuels $450M Liquidation
The Bitcoin’s slippage below $113k and the Ethereum declining to $4.2k mark resulted in a major series of liquidations in the crypto space, staining the market in red. CoinGlass data reveals the liquidation of a $450M position in the market today, affecting 122,096 traders.
In this Ethereum position leads the liquidation, losing $180.13M, followed by Bitcoin with $102.44 in liquidation. Other top altcoins, such as XRP ($17.84M), SOL ($14.92M), and DOGE ($10.91M), are also in the liquidation race, impacting global traders.
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- Source: CoinGlass, Crypto Market Liquidation Heatmap
Notably, Ethereum’s dominance in the liquidation has been consistent for the last few days, since its recent uptrend has heavily influenced investors’ trading decisions. One individual who has turned $125k into $29.6M on ETH has lost it all again with this downtrend, reports Lookonchain.
Will FED Hint Rate Cut Today As Institutional Investors Continue Sell-Off
The broader crypto market is facing a correction ahead of the FOMC Meeting Minutes release today and Jerome Powell’s speech at Jackson Hole on Friday. Notably, investors are greatly cautious of their trading decisions while awaiting the Fed’s hint at potential rate cuts in September.
A shift in investors’ sentiments was also noticed as the SEC postponed the XRP ETF decision to October. Even the launched ETFs witnessed significant outflows, led by the Bitcoin spot ETF with -$121.81M net flow on August 19. Ethereum also has the same result, with $196.62M outflows.
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- Source: SosoValue, Ethereum ETF Net Flow
Profit taking, whale sell-off also played a significant role. Further down, the downturn may persist if the macro events bring further bearish trends this week.
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