bullish

Bitcoin

Million

Arkham

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
The cryptocurrency market is currently facing selling pressure, with nearly $170 million reported in <a href="https://u.today/300-million-risks-liquidation-if-btc-drops-beneath-key-level" rel="noopener noreferrer nofollow">liquidations</a>.
According to CoinGlass <a href="https://www.coinglass.com/LiquidationData" rel="noopener noreferrer nofollow">data</a>, $160.67 million accounted for crypto liquidations, with a larger chunk of this, $136 million, representing bullish bets.
Traders had leveraged long positions over the weekend, with Bitcoin reaching nearly $70,000 in Monday's trading session — a trend that is now "selling off" on recent concerns of selling by the U.S. government and the Fed meeting outcome.
<a href="https://u.today/bitcoin-btc-last-seen-under-10000-four-years-ago-today" rel="noopener noreferrer nofollow">Bitcoin</a> and the entire crypto market fell as traders took note of signals that the U.S. government may sell portions of its sizable crypto holdings. According to blockchain research firm Arkham Intelligence, a U.S. government-linked wallet transferred $2 billion in Bitcoin to a new address on Monday.
Bitcoin dropped to a low of $65,875 on Tuesday before rising somewhat to trade around $66,330 at press time. On Monday, the world's largest cryptocurrency approached $70,000 for the first time since mid-June.
The majority of cryptocurrencies were also sustaining losses at press time.
<h2 id="fed-decision-looms">Fed decision looms</h2>
Investors are closely monitoring the outcome of the <a href="https://u.today/fed-set-to-release-crucial-comments-for-markets-how-it-impacts-crypto" rel="noopener noreferrer nofollow">Federal Reserve's</a> latest policy meeting, which is expected to provide crucial insights into the future direction of interest rates and monetary policy.
The Federal Reserve's July meeting begins Tuesday and ends Wednesday, with a monetary policy decision and press conference by Fed Chairman Jerome Powell.
Markets broadly expect the central bank to leave interest rates steady this week, but many investors are hopeful that policymakers will provide new signals about the outlook for rates.
This Tuesday is expected to see the release of key economic data. Later this week, ADP's private payrolls report is due, as well as the July jobs report, which includes nonfarm payrolls and unemployment statistics.

Massive $170 Million Liquidations Hit Crypto Market Ahead of Fed Announcement

Table of Contents

U_Today

Other articles published on Jul 30, 2024

Demystifying Fintech: A Guide to Financial Technology

BNB Chain Eliminates $971M BNB in 28th Quarterly Token Burn

Ethereum Investors Quickly Invest Recent Gains Into Mpeppe (MPEPE) To Maximize Gains

Why Bitcoin ETF GBTC Is Down A Whopping 11% Today

Top Crypto Gainers Today Jul 30 – AIT Protocol, NEM, Metaplex, XPLA

FLOW Token Surges Amid Market Slump: Key Developments

Join our free newsletter for daily crypto updates!