$600 Million Liquidated BTC, ETH, SOL, XRP, ADA Price Free Fall, Here’s Why
The global crypto market cap fell more than 6% today to $1.63 trillion. Top cryptocurrencies Bitcoin, Ethereum, solana, XRP, Cardano and others dropped over 6% in just one hour. BTC price fell 7% in the last 24 hours, falling below the $41,000 level and erasing previous gains. On the other hand, Ethereum (ETH) price dropped by 8% to $2,113.
The crypto market saw over $600 million liquidated in the last 24 hours, with $500 liquidated in just one hour. Coinglass data shows that long positions worth over $561 million were liquidated today, January 3. more than 176 thousand Traders were liquidated in the last 24 hours, with the largest single liquidation order occurring on: huobi‘s BTCUSDT value $14.26 million.
CME Bitcoin Futures OI Drops From Record High
CME Bitcoin futures open interest (OI) hit a record high on Wednesday amid spot Bitcoin ETF approval excitement and FOMO following the recent rise in BTC prices.
Coinglass reported on Jan. 3 that Bitcoin futures open interest (OI) on CME reached a new high, reaching $5.69 billion. The last time CME Bitcoin futures open interest reached an all-time high was in October 2021, when the BTC price was trading above $60,000. Over the next two months, BTC price dropped below $40,000.
In addition, total Bitcoin futures OI It fell 9% across all stock markets to $18.17 billion. $20.23 billion. Over the last 4 hours, BTC OI fell 6% on CME and 16% on Binance. Additionally, BTC options data shows that puts have gradually increased over the last 24 hours, indicating selling by option traders.
Meanwhile, Matrixport shook up the crypto community with a bold prediction on Bitcoin price and the SEC’s Bitcoin Spot ETF decision. According to the latest report, the US Securities and Exchange Commission (SEC) is expected to reject all Bitcoin spot ETFs in January; This would potentially lead to a sharp drop in Bitcoin’s value to $36,000.
Creates Macro Effect
US Dollar Index (DXY) increased by 0.29% today, above 102.50. After dropping to 100.99 last week, it has continued its rise since last week.
Additionally, U.S. Treasury yields rose on Wednesday as investors looked for new economic data to be released this week. The 10-year Treasury yield has rebounded in the last few days, rising to 3.973%.
ISM Manufacturing PMI, JOLTS Job openings and FOMC meeting minutes will be released today, while jobs reports and services PMIs are expected on Friday.
These macro factors pose an additional obstacle to further upward momentum in Bitcoin.
Also Read: Bitcoin Bull Cathie Wood’s Ark Invest Expands Coinbase and Robinhood Selling Spree
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Varinder has 10 years of experience in the Fintech industry and has been dedicated to blockchain, crypto and Web3 development for over 5 years. A tech enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in more than 5,000 news stories, articles, and articles. Varinder believes in the great potential of future innovative technologies with CoinGape Media. He currently covers the latest updates and developments in the crypto industry.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
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