The world’s largest cryptocurrencies are trading in the red this Monday (24), with bitcoin (BTC) falling below the psychological level of $63,000.
The increase in liquidations and future trading volume are the main factors putting pressure on prices.According to CoinGlass, the volume of traded futures contracts has increased by 185% in the last 24 hours, reaching around $128.5 billion.
As a result, futures contract liquidations have surged by 976% in the same time frame.Taking a closer look at the numbers, a significant portion of these liquidations are long contracts, which in financial jargon means betting on the rise of the cryptocurrency.
However, the recent market monotony caused these contracts to expire, triggering a massive selling movement of bitcoins – the trading volume of the cryptocurrency itself has jumped over 200% in the last 24 hours.
As a result, the bitcoin’s decline has affected the prices of other cryptocurrencies. Here’s how they are performing today:
| Rank | Name (Symbol) | Price | 24h Change | 7d Change | YTD Change |
|---|---|---|---|---|---|
| 1 | Bitcoin (BTC) | US$ 61,242.70 | -4.67% | -7.16% | 44.85% |
| 2 | Ethereum (ETH) | US$ 3,327.56 | -4.63% | -5.58% | 45.83% |
| 3 | Tether (USDT) | US$ 0.9995 | 0.02% | 0.04% | -0.04% |
| 4 | BNB (BNB) | US$ 570.61 | -2.91% | -4.38% | 82.66% |
| 5 | Solana (SOL) | US$ 127.04 | -5.00% | -11.49% | -25.15% |
| 6 | USDC (USDC) | US$ 1.00 | 0.02% | 0.01% | 0.01% |
| 7 | XRP (XRP) | US$ 0.4773 | -1.64% | -4.08% | -22.39% |
| 8 | Dogecoin (DOGE) | US$ 0.1179 | -5.05% | -11.95% | 31.82% |
| 9 | Toncoin (TON) | US$ 7.22 | -4.82% | -6.53% | 212.46% |
| 10 | Cardano (ADA) | US$ 0.3743 | 3.57% | -7.63% | -37.01% |
Source: Coin Market CapSEE MORE: Economist recommends cryptocurrencies to invest R$ 5,000 and seek up to R$ 2 million; see how to access the complete list.Bitcoin (BTC) keeping an eye on the data of the week.
This week, investors are monitoring the macroeconomic scenario, with a focus on the release of inflation data from the United States.
The PCE, which stands for Personal Consumption Expenditures Price Index, is expected to be released only on Friday (28).
However, it is this index that the Federal Reserve (Fed, the US Central Bank) monitors to decide on the country’s monetary policy future.
Armed with consumer inflation data, investors and the Fed will be able to chart the course of interest rates for the world’s largest economy.
It is worth noting that the US stock markets are hovering around historic highs, driven by the artificial intelligence (AI) sector.
A relaxation in US rates could help boost the bull rally in stocks and cryptocurrencies until the end of the year.
However, it is expected that in 2024, there will only be one rate cut in the country, which could inhibit a more robust appreciation of these assets.
