The cryptocurrency market is experiencing significant price drops, particularly Bitcoin, coupled with a sharp liquidation of trader positions due to global economic factors.
Reasons for Bitcoin Price Decline
Bitcoin's price fell by 5% to $100,372 due to macroeconomic factors, liquidation of leveraged trades, and the Elon Musk-Donald Trump feud. As a result of this price drop, demand for altcoins such as ETH, XRP, SOL, DOGE, ADA, HYPE, and SUI has also significantly dropped.
Liquidations in the Crypto Market
According to CoinGlass data, the cryptocurrency market saw liquidation of positions totaling over $1 billion, leading to the liquidation of over 227,000 traders. The largest liquidation occurred at BitMEX and valued $10 million. Bitcoin and Ethereum experienced a net liquidation of over $600 million.
Awaiting US Employment Data
Traders are now awaiting the expiration of $3.8 billion in Bitcoin and Ethereum options set to expire at 8:00 UTC. Moreover, the non-farm payrolls report from the U.S. is expected to impact market direction, with forecasts showing an increase of 130,000 jobs, the smallest gain in three months.
The decline in Bitcoin prices and liquidation of positions continue to pressure the cryptocurrency market. Traders and investors are now looking forward to new employment data to determine further actions.
