Friday cryptocurrency with the market falling in bitcoin Investors who took long positions were shaken by 210 million dollars of liquidation.
This was the biggest liquidation event since June, when the market crashed after rumors of the potential bankruptcy of Three Arrows Capital spread. The rumors about Three Arrows Capital’s bankruptcy were true.
Biggest Liquidation After 343 Million Dollars Liquidation in Bitcoin in June
Friday’s liquidations lagged behind the large $343 million long liquidation in June, again larger than the $187 million secondary long liquidation event in June. Yesterday’s liquidations were only offset by $16.4 million in short liquidations.
The liquidations come after the crypto market rallied further as Bitcoin recovered from lows below $20,000 and Ethereum performed even stronger ahead of its planned Merge upgrade next month.
However, the market, which had been mostly flat all week, fell sharply on Friday. Bitcoin dropped from $23,000 to below $21,000, causing liquidations, while Ethereum dropped from around $1,800 to $1,600.
Overall, the total crypto market has lost around $112 billion and has almost hit the $1 trillion mark.
There has been very little rebound from these lows so far.
The reason for the recent decline in the crypto money market is the FED’s announcement of the minutes of its July meeting recently. It was understood in the minutes that the FED could continue to increase interest rates for a while.
*Not investment advice.
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