- The cryptocurrency market has maintained its capitalization of over $2 trillion.
- Crypto decline has been attributed to anticipation of the FOMC report and CPI.
It is important to note that the word “you” means “you”. crypto market In the last 24 hour, the capitalization of the stock market has dropped by hundreds of millions.
A decline in Bitcoin [BTC] The following are some examples of how to get started: Ethereum [ETH] This downturn has been a major factor.
The Consumer Price Index reports and the U.S. Federal Open Market Committee meeting (FOMC), which will be held in the near future, have played a major role in the recent declines of two key crypto assets.
Why crypto has been down today
AMBCrypto analyst’s report on the crypto market Capitalization is a good idea CoinMarketCap The last couple of days have seen a marked decline.
The market capitalization has fallen from $2.5 trillion in the last 48 hours to $2.47 trillion at the time of writing.
You can also find the chart of liquidation on Coinglass The chart showed the significant crypto liquidations that took place on June 11th. Chart showed that the price of cryptos had sharply dropped, and more long-term positions were liquidated than those on short.
The long liquidation volume exceeded $221 millions, while the shorter liquidation volume was approximately $37 million.
Bitcoin and Ethereum Lead Market Dip
Look at Bitcoin AMBCrypto, using a timeframe of a day, showed that the price fell by more than 3% on June 11th. Chart showed that the price dropped from $67 377 to approximately $67,000.
BTC’s chart of liquidation revealed this decrease led to a liquidation volume exceeding $66 millions.
In particular, liquidations of over 52 million dollars were long liquidations, and liquidations of over 14 million dollars were short liquidations.
EthereumDuring the same time period, it showed a decline of almost 4,6% as its price dropped to about $3,500. In the liquidation chart, it was shown that more than $69 millions were liquidated as a result of the drop.
This includes around $62 Million in long liquidations, as well as over $7 Million for short liquidations.
CPI and FOMC creating panic
The crypto market has historically experienced significant volatility when either the Consumer Price Index data (CPI), or interest rate adjustments by the Federal Open Market Committee(FOMC), are released.
Investors adjust their exposure to risk in response these economic indicators. A rise in CPI is usually correlated with a fall in Bitcoin price.
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The increase in the price of essentials reduces people’s disposable income, resulting in a decrease in investment in cryptocurrency.
FOMC will likely maintain current interest rates of between 5.25 and 5.50%. The CPI will likely show modest growth, in the range between 0.1% and 0.3%.
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Source: ambcrypto.com