Here’s Why BTC, ETH, SOL, XRP, Meme Coins Dropped Suddenly
The crypto market saw a selloff during US hours on Wednesday, with market cap falling around 2.50% as investors braced for uncertainty following the recent rally in the broader crypto market. $2.57 trillion.
Bitcoin price fell 1% in an hour, dragging BTC price down more than 2% in the last 24 hours to $69,500. Following the recent rally, trading volume has fallen by over 35% in the last 24 hours.
Ethereum price has also fallen 3% in the last 24 hours despite positive progress in the spot Ether ETF; Other leading altcoins such as solana, XRP, dogecoin, Cardano and Shiba Inu fell 2-3% in an hour. The prices of today’s leaders such as pepe, BOOK OF MEME, gala, WIF also dropped by 3-6%. Let’s check out what caused the market to fall.
Bitcoin, Ethereum and Meme Coin Prices Dropped
The crypto market faced a broader selling wave next UK inflation data version. The annual inflation rate in the UK fell to 2.3% from 3.2% last month, but forecasts came in above 2.1%. Sterling is strengthening as UK inflation remains close to the Bank of England’s 2% target, although inflation remains below market expectations.
In conclusion, US dollar index (DXY) was volatile today but fell following UK inflation data. However US 10-Year Treasury yield (US10Y) rose an unusual 0.027% to 4.457%. This has caused Bitcoin to remain volatile despite low trading volumes.
Moreover, FOMC Minutes Today’s announcement has investors taking a cautious approach after many Fed officials think inflationary pressure could still delay or reduce the Fed’s rate cuts this year. CME FedWatch shows the probability of a 25 basis point rate cut in September is 49.5%.
coin glass Data revealed that the crypto market saw liquidations of $40 million in the last few hours, with a total of $180 million liquidated in 24 hours. While long positions of $ 125 million and short positions of $ 55 million were liquidated in the last 24 hours, Ethereum, Bitcoin, Pepe Coin, Solana and Dogecoin lead the liquidation figures.
More than 64 thousand investors were liquidated, and the largest single liquidation order was on crypto exchange BitMEX with $4.26 million worth of XBTUSD. This caused the crypto market to fall slightly in the last few hours.
Source: Coinglass
Also Read: WisdomTree Secures FCA Approval to List Bitcoin and Ether ETPs on LSE
Analysts Announce Sell Signals
John BollingerThe inventor of Bollinger Bands predicts a consolidation or pullback in Bitcoin due to a reversal of the two bars in the upper Bollinger Band. However, it is not in a downward trend, it has short-term concerns.
Popular analyst Ali Martínez It also revealed that the TD Sequential indicator is now showing a sell signal on the Bitcoin daily chart. He advises investors to trade BTC with caution.
Therefore, Bitcoin may see a sell-off in the next few days. Altcoins are likely to witness a pullback due to profit booking after the recent rally.
Also, BTC Futures Open Interest CME continues to decline after a 3% decline in the last 24 hours. Total BTC Futures Open Interest is down 2% in the last 24 hours. Open interest in XRP, DOGE, and PEPE futures fell significantly, while other altcoins saw some buying.
Also Read: Bitcoin Price Will Face Potential Correction If It Reaches This Level
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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 parofix 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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