Bitcoin sinks below $40K as it drops towards 6 months low

 Bitcoin sinks below $40K as it drops towards 6 months low

Bitcoin sinks below $40K as it drops towards 6 months low.

Spread the love

Midway through the London trading session, bitcoin fell below $40K for the second time this month. Ethereum also fell by nearly 10%, reaching $2,841 for the first time this month.

Another layer-1, Solana, suffered a 9% decline, and Cardano, a 10% decline.

Since a while ago, cryptocurrency markets have been sitting on a critical support level. Risk assets are being sold off due to macro market weakness. BTC is likely to trade in the mid-30s if this sentiment continues

Since CoinGlass began tracking these transactions 18 hours ago, nearly $715 million has been liquidated. At $250 million, bitcoin led the liquidation pack, followed by ether at $163 million and SOL at $10.9 million.

Binance had the most liquidations of all the exchanges, with $173 million, 91% of which were long positions. On the Asian exchange Okex, where the majority of long positions were recorded, $170 million was next.

Bitmex had the largest single liquidation order worth $9.91 million in the perpetual USDT-bitcoin swap.

Bond yields, particularly U.S. Treasuries jumped again this week as investors prepared for an accelerated tightening timeline. According to the market, there will be at least four rate hikes this year, with a possibility of a fifth this week.

A number of experts view that the spike in real U.S Treasury yields has gotten much more attention than nominal yields in recent weeks, particularly for gold and bitcoin, which generate no income.

Apparently, a significant amount of open interest is present for bitcoin at $45K-$46K and for ether at $3.2K-$3.3K, based on options chain data.

Olumide Adesina

Olumide Adesina a France-born Nigerian, a Certified Investment Trader, with more than a decade of working expertise in Investment and Trading. He is also a reputable author and writer for CoinDesk and FxEmpire.

Related post