BTC and ETH have had a difficult 24 hours and Fed Chairman Powell is to blame
, in the past 24 hours, 121,224 traders have been liquidated. Total liquidations across the general cryptocurrency market stood at $379.94 million within the same period.
For the king coin, BTC, 4,750K BTC worth $95.31 million has been taken off the market. Seeing the most liquidations in the past 24 hours, data from Coinglass revealed that $165.84 million worth of ETH tokens have been taken off the crypto market.A significant drop in buying pressure for BTC was spotted on a daily chart. As of this writing, key indicators to track trading volume and money inflows into the BTC market were southbound.
Furthermore, in a downtrend, BTC’s Relative Strength Index was positioned at 31. Finally, far from the center mark, the leading coin’s Chaikin’s Money Flow posted a negative -0.23. All of these indicated that the FUD occasioned by Powell’s speech had caused several traders to distribute their coins.ETH did not fare any better. As of this writing, its RSI was caught in a downtrend at 37. Also oversold, its MFI marked its spot at 25 at press time.
revealed that following Powell’s hawkish statements on the state of the American economy, crypto traders have taken to shorting the market.“As these bets against crypto prices come in, the likelihood of a weekend rebound increases.”Subscribe to get it daily in your inbox.
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