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Reading: Bitcoin and Cryptocurrencies: How Will They Be Affected by the Announcement of Critical Data Before the Fed Interest Rate Decision?
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COINTURK NEWS > Cryptocurrency News > Bitcoin and Cryptocurrencies: How Will They Be Affected by the Announcement of Critical Data Before the Fed Interest Rate Decision?
Cryptocurrency News

Bitcoin and Cryptocurrencies: How Will They Be Affected by the Announcement of Critical Data Before the Fed Interest Rate Decision?

In Brief

  • ContentsDespite Positive September Inflation Data, Prices Fell88,667 Investors AffectedThe reversal of fortunes on November 14th has led to the largest leveraged position liquidation in the past three months for cryptocurrency investors. The drop in Bitcoin (BTC) and altcoins triggered the liquidation of over $300 million in leveraged long positions according to current data. Despite Positive […]
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Despite Positive September Inflation Data, Prices Fell88,667 Investors Affected

The reversal of fortunes on November 14th has led to the largest leveraged position liquidation in the past three months for cryptocurrency investors. The drop in Bitcoin (BTC) and altcoins triggered the liquidation of over $300 million in leveraged long positions according to current data.

Despite Positive September Inflation Data, Prices Fell

According to CoinGlass data, the recent market-wide drop in the last 24 hours has caused the liquidation of leveraged long positions (positions opened with the expectation of higher prices) of over $307 million. The biggest long liquidation in a day since August 17th, when Bitcoin dropped from over $28,000 to around $25,000 in just a few minutes, was recorded.

Despite the generally supportive environment for risky assets following the lower-than-expected October inflation data, which sharply boosted stocks and significantly reduced bond yields, the price of BTC fell by 4% to $35,000. The drop affected the overall cryptocurrency market, including Ethereum, which dropped by 6% to $2,000.

Unlike the past few weeks, the drop on November 14th is holding up against subsequent short squeezes. Liquidation occurs when an investor is forced to close a leveraged position on an exchange due to partially or completely losing their margin or funds. Successive liquidations can increase price volatility as investors close their positions and clear excess leverage from the market.

88,667 Investors Affected

CoinGlass data shows that the large-scale liquidations caught most investors unprepared for the sudden drop in prices, affecting 88,667 investors. Bitcoin experienced the largest liquidation with $133 million, followed by Ethereum with $70 million.

Last week, JPMorgan analysts highlighted in a report that investors were overly optimistic about the impact of the approval of a spot Bitcoin exchange-traded fund (ETF) on prices, suggesting that this excessiveness has driven the recent rally in cryptocurrency prices too far.

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Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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COINTURK NEWS 15 November, 2023 - 10:09 am 15 November, 2023 - 10:09 am
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