In a volatile turn of events, the recent decline in the crypto market has sparked a significant wave of liquidations. Within the last 24 hours, total liquidations have reached an alarming $694.11 million. This downturn has notably impacted several key assets, including Binance Coin (BNB), which saw its price decline by 4.58% over the past two days, now hovering around $696.40 as of Thursday.
The sell-off in the UK bond market has played a pivotal role in influencing these shifts. The 10-year Gilt yields have surged to their highest levels since August 2008, contributing to the pressure on the market. Additionally, the strengthening of the US Dollar has further exacerbated the decline of various crypto assets.
BNB's technical indicators, such as the Relative Strength Index and the Moving Average Convergence Divergence, are currently signaling bearish trends. This suggests that the asset may face continued struggles in reversing its current trajectory.
Meanwhile, European economic data has failed to provide much-needed support for the Euro. Both German Industrial Production and Eurozone Retail Sales figures for November did not meet expectations, leaving the Euro languishing around 1.0300 during the European session on Thursday. This underperformance underscores broader market challenges and a general lack of investor confidence.
Bitcoin has not been immune to this downtrend. The world's leading cryptocurrency has seen its price tumble, trading below $96,000 on Wednesday after declining more than 5% the previous day. This marks a significant retreat as Bitcoin continues to navigate turbulent market conditions.
As market participants brace for further developments, all eyes are now on upcoming Fedspeak. Investors and analysts alike anticipate insights that may influence future market dynamics and potentially provide clarity amid the ongoing uncertainty.