The cryptocurrency market has been hit by a significant downturn, with a price decline triggering extensive liquidations. Over the last 24 hours, a total of $694.11 million in liquidations has swept across the market. Bitcoin, a major player in the crypto world, experienced a price drop of more than 5% yesterday, bringing its current trading level to below $96,000.
The situation is not isolated to Bitcoin alone. BNB, another key cryptocurrency, has seen its price decline by 4.58% over the past two days, settling at $696.40. Momentum indicators for BNB, including the Relative Strength Index and Moving Average Convergence Divergence, are signaling further bearish movements, hinting at potential declines ahead.
In the broader financial landscape, the GBP/USD pair is consolidating near 14-month lows, hovering below the 1.2300 mark. Meanwhile, EUR/USD is trading at approximately 1.0300 during the European session, reflecting the extended strength of the US Dollar. This strength is occurring amid rising concerns as the 10-year Gilt yields reach their highest point since August 2008.
While these financial shifts unfold, market participants are closely watching the upcoming Fedspeak event for further insights and direction. As the situation evolves, it is important to note that neither the author nor FXStreet are registered investment advisors. This article is provided for informational purposes only and should not be considered as investment advice.