Bitcoin, Ether Extend Declines as Leverage Unwind Accelerates: Crypto Markets Today
The crypto market selloff accelerated overnight with bitcoin (BTC) and ether (ETH) falling by a further 2.7% and 3.5%, respectively, since midnight UTC to compound Thursday’s miserable session.
The drawdown comes alongside heavy losses for precious metals, with silver now trading at $96 following a 20% drop from Thursday’s record high of $121. Gold is trading back below $5,000 after tumbling by 11% from Wednesday’s $5,600 high.
U.S. equity index futures ticked lower while the dollar index (DXY) posted a 0.57% gain, buoyed by the expectation that Kevin Warsh looks set to become new the Federal Reserve chairman.
The global market rout, which saw bitcoin hit its lowest level since November, led to $1.8 billion in liquidations across crypto…
