Crypto Liquidations Hit $249 Million in the Last Hour as Bitcoin Tumbles Below $19,000
CryptoNewsTerminal Staff07 Jun, 2024
Crypto Liquidations Hit $249 Million in the Last Hour as Bitcoin Tumbles Below $19,000
The major exchanges have liquidated $249 million in futures positions in the last hour, as Bitcoin (BTC) dropped below $19,000. This brings the total liquidations in the last 24 hours to $388 million. The liquidations come as Bitcoin has been on a downward trend since reaching a high of nearly $25,000 in August. The cryptocurrency has been under pressure from a number of factors, including rising interest rates, the ongoing war in Ukraine, and concerns about the global economy. The latest sell-off was triggered by a report from the US Bureau of Labor Statistics showing that inflation rose by 8.3% in April, the highest level since 1981. The report raised concerns that the Federal Reserve will continue to raise interest rates aggressively, which could further weigh on risk assets like Bitcoin. The liquidations are a sign that traders are becoming increasingly nervous about the outlook for Bitcoin. The cryptocurrency has now lost more than 50% of its value since its peak in November 2021. It is unclear when or if the market will stabilize, but the liquidations suggest that there could be more pain ahead for Bitcoin holders.
