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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