Between central bank interest rate hikes and Silvergate’s failure, Bitcoin is back on the slide.
Highlights
- Bitcoin tanked from $21,431 to $20,969 at 18:53 UST on Thursday.
- $26 million worth of liquidations came from Bitcoin trades, with another $11 million from ETH-related losses.
- Over the past day, 49,562 traders have been liquidated for $159.17 million in total.
- The largest single liquidation took place on BitMEX on an XBTUSD trade for $6.49 million.
- Federal Reserve chairman Jerome Powell claimed on Tuesday that interest rates will likely need to be hiked further to combat inflation.
- Rising interest rates have proven a primary burden for both crypto and tech stocks over the past 12 months.
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Elizabeth Warren Blames ‘Crypto Risk’ for Silvergate Bank's Liquidation, Critics Dismiss Senator’s Claims as ‘Terribly Misinformed’