Crypto Market Liquidation reaches $185 Million; Bitcoin falls back to $23.6K
Crypto Market Crash: On Friday morning, the global digital asset market experienced a sharp decline. Over the past day, the prices of cryptos such as Bitcoin (BTC), and BNB (BNB), have fallen by more than 33%. The Wall Street trading market declined and the crypto crash coincided.
The U.S. Federal Reserve has increased interest rates by increasing the certainty that there will be strong inflation data and a decrease in weekly job data, both unexpected. According to reports, Labor Department data showed the highest increase in producer prices in the past seven months. The cost of energy products rose while the price of these products also increased. The recent U.S. economic data and other financial reports show signs that inflation is rising.
According to data, the cumulative market capital has fallen by about 3% in the last day to $1.08 trillion. The 24 hour trading volume grew by 10% to $80.7 billion.
In the last 24 hours, however, the total liquidation exceeded $185 million. Around 59k traders have liquidated funds. Bitmex crypto exchange has been the largest beneficiary of liquidation orders, with $2.53 million. You can read more about the Crypto Market Crash here.
Bitcoin price surpassed $25k on February 16, 2023. BTC has fallen by around 5% over the past 24 hours. At press time, Bitcoin trades at an average price $23,671 However, the 24 hour trading volume of Bitcoin has increased by 4% to $39 billion.
Coinglass data shows that Bitcoin traders have sold almost $70 million in the last day.
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