In addition to Bitcoin, other cryptocurrencies are falling this Tuesday (11). The highlight is Ethereum (ETH), responsible for a large part of the liquidations of long positions in the futures market after falling 4%.
Bitcoin and other cryptocurrencies fell in June. Source: Coin360.
Trading at US$67,000, Bitcoin fell again this Tuesday (11) and reached its lowest price in the month of June. According to data from Coinglass, around R$1 billion were settled in the futures market.
The drop is surprising as American ETFs saw large inflows last week. In total, more than R$9.6 billion (US$1.8 billion) was contributed.
This Monday (10), ETFs had outflows of R$ 347 million (US$ 64.9 million), a small number when compared to previous ones. Therefore, this would not be the reason behind the drop.
American Bitcoin ETFs had outflows of 935 bitcoins this Monday (10), but the number is small when compared to the previous week's inflows. Source: HeyApollo.
Cryptocurrency traders liquidated
In addition to Bitcoin, other cryptocurrencies are falling this Tuesday (11). The highlight is Ethereum (ETH), responsible for a large part of the liquidations of long positions in the futures market after falling 4%.
🔔 Join our WhatsApp group and stay updated.
“In the last 24 hours, 69,769 traders were liquidated, with total liquidations of US$187.77 million (R$1 billion),” Coinglass wrote. “The largest single settlement order occurred on Binance in the ETH/USDT pair worth US$6.60 million (R$35 million).”
Investors are liquidated after the fall of Bitcoin and other cryptocurrencies. Source: Coinglass.
The BNB (BNB), which reached its all-time high last week, fell from $720 to $600 in recent days.
Among the 100 largest on the market, the biggest losses are for Notcoin (NOT), Arweave (AR) and Beam (BEAM), with losses of 30%, 22.5% and 20.5%, respectively, in the week.
Drop may be related to US Central Bank meeting
Bitcoin had already fallen last Friday (7) after the release of US employment data. According to the report, the American economy is booming and this could put pressure on the Fed to keep interest rates high for longer.
Given this, the fall of Bitcoin could be an anticipation of the market in relation to the next meeting of the American Central Bank, scheduled for this Wednesday (12).
Although forecasts indicate that the Fed will not change interest rates, everyone will be paying attention to Jerome Powell's speeches. This is because the tone of his speech could change the projections for the next four meetings this year.
The market believes that the Fed could cut interest rates up to twice this year, but forecasts could change after Powell's speeches this Wednesday (12). Source: CME FedWatch Tool.
Finally, other central banks have already started these cuts. While the BC of Canada lowered interest rates to 4.25% last Wednesday (5), the same happened with the European BC on Thursday (6).
Therefore, it seems like a matter of time before the Fed also takes its foot off the brakes on the American economy. Either way, the market appears to be cautious
🔔 If you liked our content and news, send a tip to support our channel and follow us for more information!
