Liquidations across trading platforms were predictably significant. For #Bitcoin and #altcoins combined, 24-hour position unraveling totaled $907.16 million, with BTC positions accounting for $340.93 million.

#cryptocrash #bitcoincrash #liquidations

Top Reasons Why Crypto Market is Crashing Today!

#Cryptocurrency markets are in deep red. The majority of mainstream cryptocurrency tokens have slipped from their positions. The current crypto crash can be attributed to #macroeconomic factors.

Firstly, #Bitcoin Price Fell as the Dollar value jumped to a 20-year high.

Next comes, The #Fed’s monetary policy of keeping interest rates high to combat four-decade high #inflation has led investors to sell #crypto and other assets.

Overall, The sharp decline saw over $100 million in Bitcoin #liquidations with total liquidations of nearly $222 million.

Top Reasons for $BTC Price Dump?

🔵U.S. economic uncertainty: Investor concerns about inflation and interest rates impact #crypto prices.

🔵#Fed's rate cut outlook: Powell's remarks dampen hopes for 2024 rate cuts.

🔵Spot #BitcoinETF outflows: Significant withdrawals from Bitcoin ETFs indicate a de-risking strategy.

🔵Long #liquidations: Increased selling pressure from liquidated long positions drives market down.

🔵Weakening market structure: Technical analysis shows declining trend and loss of crucial support level

🔵#MtGox cold wallet transfer: Created uncertainty and panic as creditors cash out.

🔵German government #BTC sale: Increased selling pressure as the German government recently sold 7,583 BTC worth $419.5 million.