$1bn liquidated in another crypto crash due to market experiencing 'macro stress'
The cryptocurrency markets experienced a decline again on Friday morning, resulting in $1.2 billion in leveraged positions being liquidated. Bitcoin exchange-traded funds saw outflows over $500 million the previous day, while users withdrew $185 million from Binance. Illia Otychenko, lead analyst at CEX.IO exchange, attributed Bitcoin's recent drop to macro stress factors such as global trade tensions and the US government shutdown. Otychenko mentioned $100,000 as a critical psychological support level for Bitcoin. On the other hand, Dom Harz, co-founder of BOB blockchain, expressed optimism in Bitcoin's utility as an asset and not just a store of value. Despite short-term price fluctuations, Harz believes that Bitcoin will likely move in sync with other financial markets as it ascends to a central role in the global financial system. Citrini Research analysts cautioned that Trump's trade strategy would continue to contribute to market volatility. Looking ahead, traders are anticipating the US Federal Reserve's upcoming policy meeting on October 29, with a 97% chance of a 0.25% rate cut predicted by CME Group's FedWatch tool. Lance Datskoluo serves as DL News' Europe-based markets correspondent; contact [email protected] with any tips.
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