The major cryptocurrencies displayed a mixed performance on Monday evening as Bitcoin, the largest cryptocurrency in the world, experienced its sharpest daily decline in nearly four months due to a significant leverage wipe-out.
What Happened: During a brief period on Sunday evening, the price of BTC experienced a significant decline, dropping to approximately $40,306. According to data provided by CoinGlass, a total of 66,551 traders experienced liquidations. The overall value of these liquidations amounts to $236.04 million.
It is worth noting that the largest liquidation order occurred on Bitmex, involving the LINK-USD pair with a value of $33.55 million. For those unfamiliar, the term “liquidations” refers to the forceful closure of a leveraged trading position. This typically happens when a trader’s available margin to cover the open position has been completely used up. These instances of large-scale liquidations often suggest a local top or bottom in prices.
Top Gainer (24 Hour) The global crypto market cap has reached $1.58 trillion, representing a 2.80% drop in the last 24 hours. The S&P 500 encountered an upward trend on Monday as investors aimed to keep Wall Street’s optimistic enthusiasm at the end of the year.
Daly closing at 4,622.44, the S&P 500 index saw a 0.39% rise, recording its most elevated closing level since March 2022. The Nasdaq Composite also surged by 0.20% to a level of 14,432.49. Moving into the current week, investors are extremely expecting heavy inflation data, which has the potential to influence market trends as well as effect rate policy decisions from the Federal Reserve. The central bank’s two-day conference is due on Tuesday. With regards to noteworthy economic news, Tuesday will give out data for November’s consumer price index, while the producer price index is cup-set for Wednesday.
These impending datasets are among the concluding factors that would decide the market’s energy given that we move in the direction of the closure of 2023.
Anaylsist Notes:
Cryptocurrency analyst Michael Van de Poppe believes that it is imperative for Bitcoin to retain its ranges of $36,500-38,000 on higher time frames. “With this right adjustment, we’ll see maxima winding up their rides from $39,500-40,000 through the doorway to $42K+. Bitcoin is potentially going to fashion a new range before reaching the sides of 2023”.
Eli Taranto, Executive Director at EQI Bank, told Benzinga about his odds, saying that “The $40K spot has been reached and we’re prone to recognize further corrections, check smokers data is released”. Continuing on to exhort “BTC is cognized as
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