Crypto Market Liquidation Breaches $185 Million; Bitcoin Falls Back To $23.6K

Ashish Kumar
February 17, 2023
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Crypto Market Today (Mar 11): BTC Loses $80K, ETH Falls 9%, But MOVE Jumps 8%

Crypto News: The global digital asset market registered a sharp decline on Friday morning. The biggest of the cryptos like Bitcoin (BTC) and BNB (BNB) prices have dropped by more than 3% over the past day. The crypto crash came in accordance with a decline in the Wall Street trading market.

Advertisement
Advertisement

Wall Street Making Crypto Crash?

Unexpected sturdy inflation data and a decline in weekly job data have added to the certainty of the U.S. Federal Reserve raising interest rates. As per reports, Labor Department data depicted the highest rise in producer prices over the past seven months. While the cost of energy products spiked. However, the recent U.S. economic data with other financial reports show signs of spiking inflation.

S&P has managed to surge by 7% in 2023 after a massive 2022 selloff. However, it is expected that the Fed is in pursuit pushing the rate above the 5% mark by May. While it will the rate above the mentioned level till the end of the year.

Advertisement
Advertisement

Crypto Market Declines

As per the data, the cumulative market cap has declined by around 3% over the last day to stand at $1.08 trillion. While 24 hour trading volume saw a surge of 10% to stand at $80.7 billion.

However, the total liquidation has breached $185 million in the last 24 hours. Around 59k traders have liquidated their funds. The single largest liquidation order reported has come from the Bitmex crypto exchange $2.53 million. Read More Crypto News Here…

Bitcoin price went to breach the $25k price level on February 16, 2023. However, BTC price has dropped by around 5% in the last 24 hours. Bitcoin is trading at an average price of $23,671, at the press time. However, its 24 hour trading volume is up by 4% to stand at $39 billion.

Coinglass data shows that traders have liquidated almost $70 million from Bitcoin over the past day.

Advertisement
coingape google news coingape google news
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.