- 158,830 cryptos traders were all tears as they saw all their funds wiped off as the US dollar makes a huge rebound
- Bitcoin and Ethereum have their prices liquidate which came to about $387.96 million in one the worst days for traders
- The US Federal Reserve's intervention and interest rate increase left other central banks look up to the dollar
About 158,832 traders have their investment liquidated, which totaled about $387.96 million. It is the biggest single liquidation on Okx, a BTC-USD-220930 transaction at $2.93.
The premier crypto, bitcoin and Ethereum have their prices have broken their key $4ok and 3k support levels individually as investors' sentiments are at a bearish level.
A sharp sell off triggers crypto fall
The important driver of the round of liquidations, promoters say, was a very sharp selloff in the week before which was driven by a strong dollar that has gotten to the new highs in two decades.
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Many altcoins such as Cardano, Solana and XRP saw a sharp drop in their prices.
As investors stake that the US Federal Reserve’s interest rate increases will leave other Central banks in its wake, the US dollar soared to its highest level in 20 years on Thursday, 28,2022.
Other currencies make strong showing
The dollar remains a measure of the strength of the US currency against many currencies of the developed countries including the Euro, Yen and the British pound.
Crypto pundits analysts are now thinking if the bitcoin price with the current situation will get to the long-anticipated $100,000 level before the end of the year.
Bitcoin has been declining consistently over the past few days.
In the last week, the $40,000 level has been also working as a significant fixed resistance level most of the time.
Bitcoin investors lose over N20.14 trillion in 24hrs
Legit.ng has reported that Bitcoin investors lost over N20 trillion in one day as prices fell below $40k for the first time since March 16th, leading to nearly 150,000 traders being cleared of their positions.
The fall in bitcoin price comes as investors weigh the risks of rising interest rates, soaring inflation and dislocation of global commerce as a result of Russia's invasion of Ukraine.
Bitcoin opened trading on Monday, March 11 with a market capitalisation of $803 billion before closing the day $754.5 billion as $48.4 billion was wiped out in hours.