The FOMC meeting held this week has put severe pressure on Bitcoin and the wider cryptocurrency market. Bitcoin’s price has fallen another 6%, testing support at $61,000. Ethereum is down by 8% and testing support of $3,000 There’s a deeper correction in the altcoin space with investors expecting a bounce back.
$670 Million Liquidated In Crypto
Coinglass data indicates that in the last two weeks, a total of $670 million has been liquidated. This is one of most significant liquidations. Nearly $500 in long positions, and $170 in short positions have been liquidated.
According to data, the cryptocurrency market as a whole has suffered a massive loss of about $600 billion after reaching a high of $2.9 trillion just last week. Ether, BNB and meme-crowd favourite Dogecoin all suffered losses during this time.
Analysts from K33 Research believe that the liquidation bullish derivative positions has not been concluded, and could be a major obstacle to a rapid recovery of the digital assets market. In a note to investors, K33 Research’s Anders Helseth and Vetle Lunde wrote:
“Risks are thus still considerable…
