The world’s largest cryptocurrency Bitcoin (BTC) has lost about 4.5% of its value in the last 24 hours, falling to $52,700 at its lowest level.
The total market value of BTC has reached a critical mark of $1 trillion, with a decline in sight.
Similar declines were seen on the altcoin side, as was the case with BTC. However, due to the increasing volatility in the market, a large number of cryptocurrencies were also liquidated. The data shows that $267 million worth of cryptocurrencies were liquidated in the last 24 hours. Of this, $221 million were in long positions. A total of 85,109 traders were liquidated.
As expected, Bitcoin saw the largest share of liquidations, at $99 million. Ethereum came in second with $59.75 million.
The reason for the decline is shown as rising recession fears following today’s employment data and statements by Fed member Waller. Traders began to flee risk assets after these events.
The S&P 500 fell 1.7% and the Nasdaq 100 fell 2.7%, while new data showed U.S. job growth in August fell by 23,000 U.S. jobs in 2018, below expectations. Two-year Treasury yields fell 15 basis points before paring some of their losses.
“Markets are shifting their focus to how much the Fed will ease and how quickly the economy will slow,” said Scott Wren, chief investment officer at the Wells Fargo Investment Institute. “Expect short-term volatility.”
*This is not investment advice.
