In the past 24 hours, the cryptocurrency market has witnessed a significant upheaval, marked by a wave of liquidations totaling $694.11 million. This turbulence primarily stems from the recent decline in cryptocurrency prices. Notably, BNB has experienced a 4.58% drop over the last two days, now hovering around $696.40 as of Thursday. Additionally, Bitcoin's price continues its downward trajectory, trading below the $96,000 mark on Wednesday after a more than 5% decline. Despite these movements, the broader foreign exchange market remains largely unaffected, with the Euro and British Pound encountering their own challenges.
BNB's recent performance highlights the bearish sentiment prevailing in the crypto market. Momentum indicators, including the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD), point to continued bearish signals for BNB. This sentiment has contributed to the overall liquidation surge affecting the market.
Meanwhile, in the foreign exchange sphere, both the Euro and British Pound are grappling with their respective challenges. German Industrial Production data for November failed to provide any uplift for the Euro. Similarly, Eurozone Retail Sales data for November did not bolster the currency either, leaving EUR/USD on a weaker footing at around 1.0300 during the European session on Thursday.
The British Pound is also under pressure, with GBP/USD consolidating near 14-month lows below 1.2300 in European trading on Thursday. The sell-off in the UK bond market has exacerbated this decline, contributing to the currency's weakened position.