Bitcoin Falls to $109K, Global Market Cap Lower to $3.77T
Bitcoin price continues to fluctuate below $110,000 as retail investors trim holdings. Ethereum is also trading negative, with total global cryptocurrencies market capitalisation at $3.77 trillion.
In a week, the market value of all cryptocurrencies has weakened due to a raft of sell pressures on the top 10 assets, fueled by twisted sentiment amidst economic uncertainties.
The global market cap of all cryptos reduced by about $300 billion this week as a wave of leveraged bets unravelled, battering the sector’s biggest tokens and dragging market sentiment to its weakest point since early summer.
Ethereum, the world’s second-largest cryptocurrency, led the rout with its steepest weekly decline since June with total valuation of $483 billion at the moment.The altcoin has lost more than 10.3%, trading at $4,007 mark — a level traders had widely seen as a crucial line of support.
Bitcoin, the market bellwether, wasn’t spared either; its market cap declined sharply to $2.179 trillion. It fell around 6% this week, its sharpest drop since March, leaving it hovering near the lower end of its recent trading range.
The downturn accelerated as billions of dollars in bullish bets were unwound across crypto’s perpetual futures market. More than $3 billion in long positions were liquidated across exchanges, according to data compiled by Coinglass.
Some traders have cautioned that the true extent of leverage in the system remains murky, as most platforms do not disclose full liquidation data.
Top cryptocurrencies climbed slightly after overall risk sentiment improved when a report showed a key inflation gauge grew at a slower pace last month, giving the Federal Reserve some breathing room to address labor-market cooling.
Bitcoin and Ether exchange-traded funds listed in the US also saw significant strain, posting more than $500 million in combined net outflows on Friday. MTN Nigeria Slides Amidst Negotiated Block Trade
