BTC Price Nears June Low as $1.4B in Liquidations Rock Altcoins
The crypto market suffered a sell-off on Tuesday with bitcoin approaching its lowest level since June and ether trading at $3,480, the least since August.
The selling pressure led to around $1.4 billion in liquidations across derivatives exchanges, which at press time are performing better than they did in October, when Binance’s auto-deleveraging engine caused havoc by liquidating a large number of traders.
One of the catalysts for the sell-off is dollar strength, with the DXY index hitting 100 for the first time since July after rallying off 96.2 in September.
The dollar is up as analysts suggest the Federal Reserve will slow its rate-cutting cycle. This has led to a bearish reversal in risk assets like…
