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Why are Bitcoin and Cryptocurrency Prices Under Pressure Today?

  • At the time of writing, the global cryptocurrency market had dropped by 1.16% to $1.02 trillion, and the overall cryptocurrency market volume had risen by over 48% to $22.4 billion.
  • Despite hopes that the Federal Reserve’s aggressive interest rate hike policy has concluded, investors seem to be proceeding cautiously.
  • Ali Martinez mentioned a possible looming death cross on Bitcoin’s daily price chart. A drop below the $25,200 support level could signal a more significant price correction for Bitcoin (BTC).
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Bitcoin and cryptocurrencies faced intense selling pressure today and prices fell; Will this decline continue throughout the week?

Bitcoin and Cryptocurrencies Face Selling Pressure Today

Bitcoin-BTC

This year has witnessed a rollercoaster ride for the cryptocurrency market, with major cryptocurrencies like Ethereum (ETH), XRP (XRP), and Solana (SOL) trading at levels significantly lower than their all-time highs. At the time of writing, the global cryptocurrency market had dropped by 1.16% to $1.02 trillion, and the overall cryptocurrency market volume had risen by over 48% to $22.4 billion.

In terms of performance, the ETH price was at $1,591.73, representing a 2% decrease over the past 24 hours. The XRP price and SOL were trading at $0.4765 and $17.68, respectively, with 4.72% and 3.84% decreases.

2023 initially offered a fresh perspective to investors, and many crypto enthusiasts began regaining confidence in the market. However, concerns about high inflation and its potential impact on liquidity continue to affect market sentiment.

Additionally, the United States Federal Reserve is expected to release CPI and PPI data this week, which are key indicators of inflation. While there is hope that the Fed’s aggressive interest rate hike policy has concluded, investors appear to be proceeding cautiously.

On the other hand, the European Central Bank is set to announce its interest rate hike plans this Thursday. Considering all these factors, this week marks a critical one for global financial markets, independent of the crypto segment.

In recent developments, Solana (SOL) has faced significant selling pressure throughout the week, pushing its price down to $18.50. Market participants expressed concerns that Solana assets might have been liquidated following a hearing at the Delaware Bankruptcy Court on Wednesday, September 13th.

According to various reports, FTX is said to have requested permission to liquidate $3.4 billion worth of assets, including SOL, FTT, BTC, and ETH. Notably, the exchange had a substantial SOL reserve during a crash in November 2022, but it had sold them.

Is Bitcoin Also at Risk of Falling?

According to Coinglass, the hourly liquidation for ETH, XRP, and SOL amounted to $4.79 million, $526,220, and $422,740, respectively. Over the past 24 hours, 36,181 traders faced a total liquidation of $78.97 million. The largest single liquidation order occurred on the ETH-USD-SWAP worth $1.92 million on the crypto exchange OKX.

In the last four hours, ETH, XRP, and SOL had liquidations of $6.47 million, $2.05 million, and $670,400, respectively. The chart suggests selling pressure in the cryptocurrency market and investors trading cautiously in an environment of uncertainty.

Meanwhile, analyst Ali Martinez mentioned a possible looming death cross on Bitcoin’s daily price chart. A drop below the $25,200 support level could signal a more significant price correction for Bitcoin (BTC).

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Celal Mutlu
Celal Mutluhttps://coinotag.com/
Celal Mutlu is a young Satoshi reflection at the age of 21. His favorite characters are CZ and Vitalik, and he has a great sense of humor. Celal is a keen follower of developments in the world of cryptocurrency and keeps up with the latest news and trends.
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