Volatile Crypto Markets: $600 Million Liquidated
The global cryptocurrency market cap has dropped over 6% to $1.63 trillion in the past hour, leading to significant declines in major exchanges such as Bitcoin, Ethereum, Solana, XRP, and Cardano. Bitcoin’s prices have plummeted by 7% to below $41,000, wiping out earlier gains.
The crypto market experienced over $600 million in liquidations today alone, with long positions worth over $561 million being liquidated within an hour. As a result, 176,000 traders have been closed down, marking a volatile turn for crypto trading.
Bold Prediction by Matrixport
Matrixport made a bold prediction today, suggesting that the SEC will reject all Bitcoin ETFs in January, potentially triggering a sharp decline in Bitcoin’s value from $42,000 to $36,000. These forecasts have created shockwaves in the crypto industry, especially as Bitcoin started the year with a surge, but recent bad news has caused a downturn.
Hot Take: Volatility in Crypto Markets
The recent hour has brought significant volatility to the global cryptocurrency market, leading to a decline in major exchanges and liquidations of over $600 million. Matrixport’s bold prediction about the SEC rejecting Bitcoin ETFs has also added to the uncertainty in the crypto industry, impacting Bitcoin’s value. As a result, cryptocurrency investors and traders need to navigate this volatile market carefully while staying informed about potential market-moving events.
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