The drop in Bitcoin led to liquidations of $439 million! - BitcoinEthereumNews.com
The recent drop in the price of BTC has been witnessed while it was unexpected as it was gradually moving upwards The flagship cryptocurrency has seen the latest monthly low recently alongside the stock. The reasons being seen to be the threats on the crypto market of rate hikes in huge amounts from the Federal Reserves. Since then, hundreds of million dollars worth in liquidations across the crypto market has been set off. Lately, the top cryptocurrency, bitcoin, and the crypto market have been falling back below the $45,000 mark, which was rather on a bullish run since late March. The reason why it‘s being linked to the Fed’s Interest rate hike is the hawkish comment from Lael Brainard, Governor of Federal Reserves. She stated that reducing inflation pressure was a paramount task the previous day. Bonds and stocks also fell down following those comments as the crypto market, especially bitcoin, held a close correlation in recent times. This Monday, the downtrend continued when bitcoin fell below the $40K mark on 16th March for the first time. At the time of writing, its $40,371, which is up from the recent low of $39,373. The situation has made it too hard for bullish traders to