The cryptocurrency market saw a loss of $140 billion in a single day just after Bitcoin (BTC) and Ethereum (ETH) experienced a massive sell-off yesterday after investors thought the launch of the ETH ETF was .
Liquidation of digital assets across the crypto market is expected to continue as it prepares especially for , the release of the United States (US) PCE inflation data and interest rate decision by the (Fed) next week.
By observation, almost $350 million crypto liquidations took place with over 81,000 liquidations in the last 24 hours while the largest BTCUSDT worth $11.78 million also happened on Binance.
Not only that, almost $315 million and $35 million have with ETH surpassed BTC in which caused the crypto market to fall drastically on Thursday yesterday.
Other reasons behind the shift in sentiment are those targeting lower prices in the middle of the month, selling by , repayment of Mt. Gox and a weak US tech earnings report.
Be aware that BTC and ETH prices may experience further selling pressure as it prepares for over $5.5 billion in crypto on the largest derivatives crypto exchange Deribit.
At the time of writing, BTC price which had plunged to $63,514 has rebounded above $66,000 to post a 3.07% jump in the past 24 hours with a further $1.3 trillion market cap up 4.16% over the past week.