$249 Million Worth of Longs Wiped Out in Mere Hours
The post $249 Million Worth of Longs Wiped Out in Mere Hours appeared on BitcoinEthereumNews.com.
Cover image via U.Today Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. According to data provided by CoinGlass, a whopping $249 million worth of long positions has been liquidated over the past 24 hours. This comes after the cryptocurrency plunged to an intraday low of $96,891, according to CoinGecko data. The reason behind the crash Bitcoin’s massive price drop came after a sharp increase in the 10-year U.S. Treasury yield. The Institute for Supply Management (ISM) released its latest report earlier today, which showed that the December Purchasing Managers’ Index (PMI) for the private service sector was 54.1 in December, up from 52.1 in November. Notably, it was way above the consensus forecast of 53.5. U.S. equities experienced a sharp drop following the release of this data due to inflation concerns. The tech-heavy Nasdaq-100 index is down 1.3% while the flagship S&P 500 index has slipped by 0.57%. The shares of MicroStrategy (MSTR), Bitcoin’s biggest corporate holder, have plunged by nearly 9% this Tuesday. A big fat nothing? Even though the price index of the ISM services survey was terrible for risk assets, Oliver Allen, senior US economist at Pantheon Macroeconomics, believes that this data might not necessarily be indicative of stickier-than-expected inflation. “The index is pretty volatile and often swings up and down without this ever showing up in the inflation numbers. We had a similar scare last January that ended…
Filed under: News - @ January 8, 2025 2:18 am