CryptoCrypto Market Faces $170 Million in Liquidations

Crypto Market Faces $170 Million in Liquidations

The cryptocurrency market is experiencing significant selling pressure, with nearly $170 million in liquidations reported. Data from CoinGlass reveals that $160.67 million of these liquidations pertain to cryptocurrencies, with a notable $136 million involving bullish positions.

Over the weekend, traders took leveraged long positions as Bitcoin approached $70,000 in Monday’s trading. However, recent concerns about potential U.S. government asset sales and the Federal Reserve’s upcoming meeting have triggered a sharp sell-off.

Bitcoin, which had soared to nearly $70,000, dropped to a low of $65,875 by Tuesday before rebounding slightly to around $66,330. The decline follows reports from blockchain research firm Arkham Intelligence that a U.S. government-linked wallet transferred $2 billion in Bitcoin to a new address on Monday.

Most cryptocurrencies are also experiencing losses in the current market.

Investor focus is shifting to the Federal Reserve’s latest policy meeting, scheduled to start Tuesday and conclude Wednesday. The meeting will conclude with a monetary policy decision and a press conference led by Fed Chairman Jerome Powell. While the consensus is that the Fed will maintain current interest rates, investors are eager for insights into future monetary policy.

Key economic data is expected to be released this Tuesday, including ADP’s private payrolls report and the July jobs report, which will provide updated figures on nonfarm payrolls and unemployment rates.

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Andrew
Andrew
Self-taught investor with over 5 years of financial trading experience Author of numerous articles for hedge funds with over $5 billion in cumulative AUM and Worked with several global financial institutions. After finding success using his financial acumen to build an investment portfolio, Andrew began writing and editing articles about the cryptocurrency space for sites such as chaincryptocoins.com, ensuring readers were kept up to date on hot topics such as Bitcoin and The latest news on digital currencies and Ethereum.

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