March 25, 2023

As of Aug. 26, cryptocurrency markets fell along with broader financial markets.This dip follows hawks Comment Federal Reserve Chairman Jerome Powell speaks at the Federal Reserve Economics Conference in Jackson Hole, Wyoming, on Aug. 26.

The S&P 500 fell 2.15%, the Nasdaq fell 2.7% and the Dow Jones Industrial Average also fell 1.8%.

Down 7% in the past 24 hours, data from mood disclose bitcoin [BTC] It fell to a six-week low after Powell’s comments.

Leading Altcoin, Ethereum [ETH], was not spared. ETH was trading above $1,700 before Powell’s comments.However, following the presentation, the price of each ETH fell by 10% and changed hands 24 hours later at $1,485.40, data from coin market cap disclose.

Have you started rekt yet?

According to data from coin glass, 121,224 traders were closed in the past 24 hours. During the same period, liquidations across the cryptocurrency market totaled $379.94 million.

For the king coin BTC, 4,750K BTC worth $95.31 million has been withdrawn from the market. Seeing the most liquidations in the past 24 hours, data from Coinglass shows that $165.84 million worth of ETH tokens have been withdrawn from the crypto market.

Source: Coinglass

On the daily chart, buying pressure on BTC is found to have dropped significantly. At the time of writing, the key indicator tracking BTC market volume and inflows is southbound. Deep in the oversold zone, the coin’s Money Flow Index (MFI) was pegged at 25.78.

Also, during the downtrend, BTC’s Relative Strength Index (RSI) is at 31. Finally, away from the (0.0) center mark, the leading coin has a negative Chaikin Money Flow (CMF) of -0.23. All of this suggests that the FUD sparked by Powell’s remarks caused several traders to distribute their tokens.

Source: TradingView

ETH isn’t doing much better either. At the time of writing, its RSI is in a downtrend at 37. Also oversold, its MFI was marked 25 at press time. Its Chaikin Money Flow (CMF) was negative -0.07 at press time as buying pressure on the leading alt continued to decline.

Source: TradingView

The current FUD in the market has caused panic sellers to reduce their cryptocurrency holdings.However, data from mood It was revealed that cryptocurrency traders began shorting the market after Powell made a tough statement on the state of the U.S. economy.

According to the on-chain analytics platform:

“As these bets on cryptocurrency prices emerge, the odds of a weekend rally increase.”

Source: Santiment

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