The crypto markets are in for a bad Monday, especially Bitcoin. Bitcoin plunged to its lowest level since February, while ether traded down below $2,200 on early Monday morning. BTC dropped to a low of $49,221 before bouncing back to $52,700.
At the time of writing, Bitcoin (BTC) is worth $52,813.43, up 3.3% from an hour ago and down 12.6% from yesterday. The value of BTC today is 24.0% lower than it was 7 days ago.
Ethereum (ETH), the second largest, is currently worth $2,349.90, up 6.1% from an hour ago and down 18.7% from yesterday. The value of ETH today is 30.4% lower than it was seven days ago.
Overall, the crypto market cap is $1.88 trillion today, down -16.57% in the last 24 hours, losing its $2.4 trillion cap. BTC’s market cap stands at $1.02 trillion, reflecting a 54.32% market dominance. Meanwhile, stablecoins’ market cap stands at $164 billion, accounting for 8.75% of the total crypto market cap.
Gold enthusiast Peter Schiff has blamed the Central Bank for today’s troubles, saying:
Central banks have played with fire for years. Now, the world is about to be burned. They kept interest rates artificially low, blowing up a global debt bubble. But as #inflation reared its head, rising rates pricked that bubble. Now it’s time to pay the piper. The game is over.
Peter Schiff
The broad crypto market selloff unfolded as investors reacted to several news events, including macroeconomic updates, Jump Crypto asset fluctuations, and the growing likelihood that Kamala Harris would win the November US election against pro-crypto Donald Trump.
The price crash has narrowed the spread between futures and spot prices, weakening the appeal of carry odds that seek to profit from differences between the two markets.
Arthur Hayes has responded to current markets by saying, “GM fam, I pray for your souls. Hold on to your butts. It’s ‘bout to get nasty.”
Bitcoin traders meet heavy liquidations
Crypto liquidations have hit a whopping $1 billion. According to on-chain data from Coiglass, 278,481 traders have been liquidated in the past 24 hours, bringing the total liquidations to $1.06 billion. The largest single liquidation order happened on Huobi, with a BTC-USD value of $27.00M.
According to CNBC, stock market sell-offs appear to be growing globally, with Japan’s Nikkei 225 and Topix indices falling over 7% in Asia this morning and approaching bear market territory. This happened after the Bank of Japan raised its key interest rate to around 0.25% last week, up from zero to 0.1% previously.
Robert Kiyosaki calls on traders not to panic out of trade. He tweeted, “BITCOIN and all markets are crashing. Yay. Getting ready to buy more Gold, silver, Bitcoin. Now is the time when the coward.”
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