Leading cryptocurrencies slipped Sunday as worries over high inflation and the U.S. government’s potential Bitcoin liquidation weighed on the market.
Cryptocurrency
Gains +/-
Price (Recorded at 8:45 p.m. EDT)
Bitcoin (CRYPTO: BTC)
-1.09%
$62,567.27
Ethereum (CRYPTO: ETH)
-1.13%
$2,454.49
Dogecoin (CRYPTO: DOGE)
-1.18%
$0.1106
What Happened: Bitcoin fell below $63,000, reaching a low of $62,045 in the early hours before recovering in the evening.
Ethereum wobbled in the $2,400 region as the bulls faced stern resistance in their attempt to breach $2,500.
Ethereum’s year-to-date gains have narrowed to 7.77%, thanks to a multi-month downtrend since hitting nearly $3,900 in late May.
Concerns have mounted after the Supreme Court declined to hear a case challenging the government’s ownership of the Bitcoin seized from the dark web marketplace Silk Road, clearing the door for liquidations of up to 69,370 BTC.
Total cryptocurrency liquidations exceeded $100 million in the last 24 hours, while Bitcoin’s Open Interest dropped 0.38%.
Bitcoin’s Long/Short Ratio declined further as traders placing bearish bets on the leading cryptocurrency surged vis-à-vis those gunning for price increases.
The …
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