Bitcoin Price Down 4%, More Pain Predicted In U.S Households as Inflation Remains High, Over $240M Liquidated Today
- Ethereum has the highest liquidation with approximately $111 million rekt in the past 24 hours.
- Bitcoin on the other hand has recorded $54.45 million in liquidation during the same period.
- The EUR/USD forex derivative is at its lowest since the 2008 market recession.
The entire cryptocurrency market led by Bitcoin (BTC) has recorded losses during Friday’s New York trading period. On Friday, Fed Chair Jerome Powel said United States households and businesses should brace for tough times ahead as inflation remains high.
“While higher interest rates, slower growth, and softer labor market conditions will bring down inflation, they will also bring some pain to households and businesses,” Jerome said today.
The stock market reacted with a dip, with the Dow trading around 32,440.48, 2.56 percent down as of publication time.
According to our market data, Bitcoin price is exchanging hands at $64,140.90, down approximately 4 percent in the past 24 hours. Ethereum (ETH) on the other hand is trading at $3,096.45, down 8.4 percent on the day.
In his speech, Jerome said that the Fed is working to restore the United States’ inflation to around 2 percent. However, he argued the process will take time to restore low inflation.
“Restoring price stability will take some time and requires using our tools forcefully to bring demand and supply into better balance,” Powell added.
The urgent and persistent question is, will the 44 million Bitcoin users convince billions of people around the world to run away from the high inflation. Remember, the EUR/USD forex derivative is at its lowest since the 2008 market recession.
As the U.S dollar continues to lose its purchasing power around the world, other countries dependent on the dollar as reserve currency are recording even higher inflation.
Bitcoin And Ethereum Leads in Liquidations, But there is a Catch
As of publication time, the total liquidations in the cryptocurrency market came in at approximately $247 million for the past 24 hours, according to data provided by Coinglass.
Notably, the largest single liquidation order happened on FTX under the BTC-PERP, which was valued at $1.91M.
Ethereum has the highest liquidation with approximately $111 million rekt in the past 24 hours. Bitcoin on the other hand has recorded $54.45 million in liquidation during the same period.
Despite the increased liquidations in the cryptocurrency market, institutional cash inflows continue to proliferate. According to the research by team blockdata, 40 companies invested approximately $6 billion into blockchain startups between September 2021 and June 2022.
Notably, the research does not include the recent announcement by BlackRock Inc.(NYSE: BLK) that has introduced Bitcoin trading to its institutional investor clients.
The global cryptocurrency market capitalization today is $1.04 Trillion, 4.6 percent down in the last 24 hours. Worth noting, that the total cryptocurrency trading volume in the last day is at $84 Billion.
Meanwhile, Bitcoin dominance is at 38.2 percent and Ethereum dominance is at 18.1 percent. The answer to the current cryptocurrency woes may be answered by the next month’s Ethereum’s Merge event, which is highly anticipated.
Rebecca is a Senior Staff Writer at BitcoinWisdom, working hard to bring you the latest breaking news in the cryptocurrency market. In the words of Elon Musk “Buy stock in several companies that make products & services that *you* believe in. Only sell if you think their products & services are trending worse. Don’t panic when the market does. This will serve you well in the long-term.”
