Bitcoin Remains Under $80,000 as Market Faces Liquidations and Altcoin Declines
Bitcoin stuck below $80,000 as leveraged longs unwind, altcoins slide
Coindesk
Image: Coindesk
Bitcoin is struggling to maintain its value below $80,000 amid rising inflation fears and significant liquidations in the crypto market. With nearly $400 million in long positions liquidated, altcoins are also experiencing sharp declines, indicating a risk-off sentiment among investors.
- 01Bitcoin is currently priced around $79,800, having dropped significantly after U.S. inflation data was released.
- 02Liquidations in the crypto market surged to nearly $400 million, primarily affecting long positions.
- 03Ethereum's open interest reached a record high, indicating increased demand for leverage despite a range-bound market.
- 04Most altcoins are under pressure, with 75 out of 100 assets in the CoinDesk 100 showing losses.
- 05The overall market sentiment remains risk-averse, with futures volume increasing but open interest declining.
Advertisement
In-Article Ad
Bitcoin continues to struggle below $80,000, recently trading around $79,800 after a drop to $78,720. This decline follows the release of stronger-than-expected U.S. producer price inflation data, which heightened inflation concerns and triggered a risk-off move in the market. Liquidations soared to nearly $400 million, primarily from long positions, indicating that many investors were caught off guard by the downturn. Ethereum's open interest reached a record high of 15.42 million tokens, reflecting a growing demand for leverage in a market characterized by volatility. However, the overall sentiment remains negative, with 75 out of 100 assets in the CoinDesk 100 index experiencing losses. The
Advertisement
In-Article Ad
Advertisement
In-Article Ad
Reader Poll
Do you think Bitcoin will recover above $80,000 soon?
Connecting to poll...
Read the original article
Visit the source for the complete story.