The global market capitalization of cryptocurrencies fell more than 6% to $1.63 trillion today. Top cryptocurrencies such as Bitcoin, Ethereum, Solana, XRP, Cardano and others fell by more than 6% in just one hour. BTC price fell 7% to below the $41,000 level in the past 24 hours, erasing previous gains.. On the other hand, Ethereum (ETH) price fell by 8% to reach a low of $2,113.
The cryptocurrency market has seen more than $600 million liquidated in the past 24 hours, with $500 liquidated in just one hour. Coinglass data indicates that over $561 million worth of long positions were liquidated today, January 3. Traders have been liquidated in the last 24 hours, with the largest single liquidation order executed Hopi Bitcoin/Dollart He deserves $14.26 million.
CME Bitcoin Futures Slide from Record High
Open interest (OI) for Bitcoin futures contracts on the Chicago Mercantile Exchange reached a record high on Wednesday amid immediate hype for approval of a Bitcoin exchange-traded fund and FOMO following the recent Bitcoin price surge.
Coinglass reported on January 3 that open interest in Bitcoin futures (OI) on the Chicago Mercantile Exchange reached a new high of $5.69 billion. The last time open interest in CME Bitcoin futures reached an all-time high was in October 2021 when the BTC price was trading above $60,000. In the following two months, the price of Bitcoin fell below $40,000.
in addition to, Total Bitcoin Futures OI It fell across all stock exchanges by 9% to $18.17 billion from $20.23 billion. In the past four hours, BTC OI has fallen by 6% on CME and 16% on Binance. Also, BTC options data indicates that selling has been gradually increasing over the past 24 hours, indicating selling by options traders.
Meanwhile, Matrixport has rocked the cryptocurrency community with its bold Bitcoin price predictions and the SEC's decision on the Bitcoin Spot ETF. According to the latest report, the US Securities and Exchange Commission (SEC) is expected to reject all Bitcoin ETFs in January, which could lead to a sharp decline in the value of Bitcoin to as much as $36,000.
Macros make an impact
The US Dollar Index (DXY) rose 0.29% to move above 102.50 today. It has continued to rise since last week after reaching a low of 100.99 last week.
Furthermore, US Treasury yields rose on Wednesday as investors looked to new economic data due this week that could provide insights. The 10-year Treasury yield jumps to 3.973%, sparking a rebound in the past few days.
The ISM Manufacturing PMI, JOLTS Jobs and FOMC Minutes are due out today, while the Jobs and Services PMI are expected on Friday.
These macro factors add an additional barrier to further bullish momentum in Bitcoin.
Also Read: Bitcoin Bull Cathie Wood's Ark Invest Extends Coinbase and Robinhood Selling Spree
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