Liquidation of $ 400 million after Bitcoin rose to a weekly high
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Answer Liquidation of $ 400 million after Bitcoin rose to a weekly high
Unexpectedly, the cryptocurrency market reacted well to the latest rate hike from the US Federal Reserve, as Bitcoin price hit a new weekly high.
As such, the number of traders liquidated on a daily scale is over 90,000, while the total value of liquidation has reached $400 million.
Yesterday, Bitcoin rebounded from last week’s high and stood around $21,000 after dropping briefly below that level.
Altcoins were also quiet after the recent losses, with the price of Ethereum dropping more than $200 in two days.
Then all eyes turned to the recent FOMC meeting, where some experts suggested that the Fed might be more aggressive in raising interest rates.
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The US central bank raised interest rates by 75 basis points and said it will continue to raise them throughout the year to fight inflation.
The next FOMC meeting will be held in two months’ time, in late September.
As it usually happens, the Fed’s announcement caused volatility in the cryptocurrency markets.
But this time, the impact was positive.
Bitcoin jumped to $22,000 almost immediately and continued to climb to reach a weekly high above $23,000.
Despite a slight correction since that local peak, the cryptocurrency is still up 9% on the day.
Altcoins have seen impressive performance as well.
The sudden rise in the price of bitcoin and altcoins made total liquidations Reach to $400 million on a daily basis.
While the number of crash traders exceeded 90,000, the largest single liquidation order involved the ETH-USD trading pair on Huobi trading platform, worth over $2 million.
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