The crypto market experienced a significant decline on Monday during trading sessions, with more than $164 million worth of crypto assets being liquidated the previous day.
The price of Bitcoin fell by 3% to $28,900 level and is now circling at $29,280. The price of BTC has fluctuated between a low of $29,068 and a high of $30,330 over the last day.
54,799 traders were liquidated in the last 24 hours, totaling $164.42 million in liquidations. The one and only $2.57 million liquidation order was for OKX – BTC-USDT-SWAP.
The sale of Longs happened at the same time that major asset prices were rising against the dollar. Effectively rising to 101.25, the US Dollar Index caused a fall in the price of Bitcoin and other Ethereum.
Early in the final week of July, there was a decline in global bond yields, with the 10-year US Treasury yield falling to 3.81% due to worries about a potential recession and a faltering global economy.
Additionally, traders are getting ready for important interest rate announcements from the US Federal Reserve, ECB, and Bank of Japan.
With the Fed Funds rate between 525 and 550, the CME’s FedWatch program predicts a 99.8% chance of a 25-basis-point rate increase at the FOMC meeting on July 26.
Opportunistic units, contrary to popular assumption, are the most active whales, analytics firm Glassnode discovered in the most recent issue of The Week On-Chain.
According to Glassnode, investors that retain their coins for up to 155 days are known as “short-term holders”, and they have grown in common significantly.
“Short-term holders’ dominance in currency flows has exploded to 82%, which is now well above the long-term range of the last five years (usually 55% to 65%),” according to Glassnode.
Even before May, traders’ interest in short-term movements of BTC/USD was obvious. Speculators are more likely now than they were before the FTX crisis in late 2022 to profit from both up and down volatility.
