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U crypto market is largely trading in the red on Wednesday with $1.7 billion in liquidations over the past 24 hours, according to CoinGlass, with long traders accounting for most of the losses at $1.3 billion.
Bitcoin it fell below $100,000 for the first time in more than four months, reflecting the reversal in high-flying tech stocks this week. Shiba Inu also fell, hitting a low of $0.00000837 on Tuesday (last seen in January this year) in a three-day slide from a November 2 high of $0.00001074.
The turning point came in October, when a massive wave of liquidations wiped out billions in bullish positions. Since then, traders have been on the sidelines. Crypto prices have largely stagnated since then, with the historically strong October seasonality not materializing this year.
Among the most recent catalysts for the sell-off is the Federal Reserve’s surprise move last week, with Chairman Jerome Powell and other officials tempering expectations for another interest rate cut in December.
The Shiba Inu team reacts to market sales
At press time, Shiba Inu was down 2.68% in the last 24 hours to $0.00000889, after adding an extra zero to its price tag amid the fall in the crypto market.
In a new tweet, Shiba Inu team member Lucie weighed in on the market’s fall, which resulted in $1.7 billion in liquidations in the past 24 hours. “No one predicted this result. I am proud of those who stayed strong and continued to move forward.”
Lucie added that a positive mindset remains essential: “Thank you for showing those who were not mentally prepared that even in this kind of bloodshed, a positive mindset is the only way to move.”
The recent fall of the market has raised fears that the worst could yet come, another so-called crypto winter (a prolonged bear market in cryptocurrencies).
In any case, it is still early to consider this, but the trend so far is clearly negative, hinting at a break in the momentum of the crypto sector.
