The cryptocurrency market is witnessing significant turbulence as a recent price decline has sparked a wave of liquidations. In the past 24 hours, total liquidations have soared to $694.11 million, highlighting the volatility and unpredictability of the crypto landscape. Meanwhile, traditional currency markets are also experiencing pressure, with GBP/USD trading near nine-month lows around the 1.2300 mark. This situation is further compounded by the continued strength of the US Dollar and a bearish daily technical setup affecting the currency pair.
In addition to the turmoil in crypto and currency markets, policymakers from the Bank of England (BoE) and the Federal Reserve (Fed) are scheduled to deliver speeches that could influence market sentiment. Market participants are also focusing on upcoming Eurozone Retail Sales data and Fedspeak for further insights into economic trends. Despite encouraging German Industrial Production data for November, the Euro failed to gain traction against a sustained demand for the US Dollar.
The crypto market's recent downturn has also impacted Binance Coin (BNB), which has declined by 4.58% over the past two days. On Thursday, BNB hovered around $696.40, with momentum indicators signaling bearish trends. Concurrently, Bitcoin's price has continued its downward trajectory, edging lower and trading below $96,000 after a more than 5% decline the previous day.
The currency market is not immune to these pressures, as GBP/USD remains under strain. The pair struggles due to the extended robustness of the US Dollar and bearish technical indicators that undermine its value. Market observers are keenly awaiting further developments from upcoming events, including speeches by BoE and Fed policymakers, which could provide additional clarity on monetary policy directions.