Cryptocurrencies fluctuate amid anticipation of the US Federal Reserve meeting

Tuesday, June 11, 2024 - 19:51
Point Trader Group

Volatility dominated the cryptocurrency market, Tuesday, awaiting what will emerge from the US Federal Reserve meeting, and what US Federal Reserve Chairman Jerome Powell will deliver after the meeting ends.

Bitcoin reached its lowest level in about two weeks, falling below $67,000, after declining by 3.76% today, amid losses of 3.3% in the total market value of cryptocurrencies, which amounted to $2.45 trillion on June 11 of this year.

As for Ethereum, it lost 4% and recorded $3,528 after its strong resistance to the $3,700 levels, which was supported by the potential approval of Ethereum ETFs in the United States.

BNP on the Binance platform also fell by about 5.8% after recording a historic level during yesterday’s trading above $720.

On the other hand, Bitcoin losses may be caused by a long liquidation wave, which forces traders to sell their assets at the market price to settle their debts.

In the past 24 hours, $56 million worth of bitcoin has been liquidated across centralized exchanges, according to CoinGlass.

The market saw another $56 million in long Bitcoin liquidations on Thursday, ahead of a better-than-expected US jobs report for May on Friday. Bitcoin fell below $70,000 after briefly testing the level to start the month.

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