Bitcoin Drops to a Five-Month Low of $39,650, Causing Crypto Traders to Sell $323 Million Assets

Due to bitcoin's devaluation as a popular currency during the previous 24 hours, across 103,839 traders have had their accounts frozen. Liquidation value reached $329.63 million, of which $118.04 million was tied to positions in the Bitcoin market.

The greatest single liquidation demand, worth $5.95 million, was placed on Bitmex.

Approximately $90.40 million worth of bitcoin was liquidated during the course of the previous 12 hours, and $2.20 million was liquidated over the course of the previous four hours, according to Coinglass data. Because of this year's higher than usual inflation, the U.S. The Federal Reserve stated that it is highly likely to raise interest rates in March.

However, the scenario for bitcoin miners recently was not promising. For example, Kazakhstan-based miners are presently undergoing an unparalleled state of ambiguity as a result of political factors. As protest marches against rising fuel prices broke out in western Kazakhstan, the nation's quickly expanding cryptocurrency mining sector was impacted by a statewide internet blackout.

A decline was also observed in Ethereum, which touched 2928.63 on Monday morning after hovering above $4,000 for the majority of December 2021.

Trading contracts involving ether (ETH) were closed out for $89 million. Bitcoin was selling at $41,946.45 intraday, down 9.01% in 7 days, according to CoinmarketCap. Even worse than Bitcoin's overall decline, Ethereum's 7-day decline was nearly twice as large.

As a reminder, WikiBit is ready to help you search the qualifications and reputation of projects in a bid to protect you from hidden dangers in this risky industry!

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