12.06.2024
Mirjan Hipolito
Cryptocurrency and stock expert
12.06.2024

Crypto market selloff triggers massive liquidations of $270.4M

Crypto market selloff triggers massive liquidations of $270.4M Crypto market selloff triggers massive liquidations of $270.4M

The cryptocurrency market experienced a significant selloff, resulting in substantial liquidations.

In the latest downturn, Bitcoin's price fell sharply to $66,000, leading to over $250 million in liquidations across the crypto market, according to CoinDesk

This decline, observed on June 11, 2024, was compounded by market anticipation of the upcoming Federal Open Market Committee (FOMC) meeting and the Consumer Price Index (CPI) report, events which often lead to increased market volatility.

The total liquidations across the crypto market reached $270.4 million, driven by a broader selloff affecting various cryptocurrencies. This wave of liquidations was notable for its rapid pace, with significant positions being liquidated in a matter of hours.

Market analysts suggest that the selloff was triggered by a combination of profit-taking and risk management ahead of the anticipated FOMC and CPI data releases. These reports are critical as they provide insights into the US economic outlook and potential shifts in monetary policy, factors that heavily influence investor sentiment in the crypto markets.

Altcoins also saw a big drop during last 24 hours. The CoinDesk 20 Index, which is a broad market crypto market benchmark, fell over 6% with all twenty constituents being in the red.

However, market watchers noticed a few encouraging signs during the sell-off that could signal a quick recovery.

Above events are expected to set the tone for future market movements, with potential implications for both short-term traders and long-term investors.

The recent selloff and resulting liquidations in the crypto market highlight the sector's inherent volatility and the impact of macroeconomic factors on digital assets.

See also: OKX introduces Cryptopedia Season 19 with big rewards

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