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Bitcoin, Ethereum, Dogecoin Dip As $250M Crypto Liquidations Strike — Analyst Cautions Fed Rate Cuts Could Fuel Downturn

Benzinga ·  Apr 10 00:46

Major cryptocurrencies experienced a drop on Monday, with $250 million in the crypto derivatives market facing liquidations.

CryptocurrencyGains +/-Price (Recorded 12:00 a.m. EDT)
Bitcoin (CRYPTO: BTC)-3.10%$69,058
Ethereum (CRYPTO: ETH)-5.12%$3,500
Dogecoin (CRYPTO: DOGE)+5.30%$0.18

What Happened: The increase in cryptocurrency prices couldn't be maintained as we approach the April 10Consumer Price Index(CPI) release, which is anticipated to be higher than expected.

As a result, major cryptocurrencies experienced a decrease in prices, triggering a wave of liquidations in the derivatives market. This caught bullish traders by surprise, resulting in a surge of long liquidations.

In the past 24 hours, over $242.87 million in long positions have been liquidated in the crypto market, with $152 million wiped out in the past...

Disclaimer: This content is for informational and educational purposes only and does not constitute a recommendation or endorsement of any specific investment or investment strategy. Read more
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