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

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.

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.

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.