The cryptocurrency market has gone red as Bitcoin(BTC) dropped below $110,000. The fall seems to be as a result of the ongoing trade fair tension between the U.S and China trade tensions.
At the time of writing this report, Bitcoin is trading at $108,027, which is a 2.97% drop in the last 24 hours as traders reacted to the event.
According to CoinMarketCap, Ethereum (ETH) has also slipped 2.50%, down to $3.901, while XRP fell 4% to $2.34. Solana, Cardano, and Dogecoin are also in the red, losing between 3% and 5%.
As a result of this, the overall market capitalization has dropped by 2.59% to $3.67 trillion. In addition to that, the Fear and Greed index which measures the overall sentiment of the crypto market is at 32. This means that investors are extremely cautious and less willing to take risk or more likely to sell and stay out of the market.
About 209,371 traders were liquidated from the market with roughly $692 million in positions liquidated in the past 24 hours, according to CoinGlass. Meanwhile, this is just a few days after $19 billion was liquidated from the market last weekend that wiped out leveraged traders.
In addition to that, options traders have become more bearish. According to Analytics platform GreeksLive “more than $1.15 billion, or about 28% of total options volume, has flowed into shallow out-of-the-money puts,” which means that investors are hedging against further downside. Traders are targeting strike prices between $104,000 and $108,000 for Bitcoin.
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