Cryptocurrency Fluctuations Lead to $290 Million in Liquidations, as Institutional Investors Lose Confidence

• Bitcoin, Ethereum, and Dogecoin prices stable despite $290 million in liquidations triggered by price spikes.
• Ethereum led liquidations with $58.9 million, followed by Dogecoin with $44 million in long positions liquidated.
• Fed's hawkish stance led to $600 million outflows in crypto ETPs, worst since March.
• Bitcoin down 3.6%, with $21 million in short positions liquidated and briefly hitting $67,000.
• Twitter CEO hints at payments feature, BTC and ETH drop by 1%, meme coins lead declines.
• FSB to address challenges of stablecoins in emerging economies, Bitcoin miners reach record market cap.

Summary :
In the volatile world of cryptocurrencies, Bitcoin, Ethereum, and Dogecoin experienced price fluctuations today. However, these fluctuations did not have a significant impact on traders, as the three cryptocurrencies ended the day roughly where they started. Despite this, the price spikes along the way led to over $290 million worth of crypto liquidations across the market. Ethereum saw the highest amount of liquidations, with about $58.9 million triggered by its price movement. Most of the liquidated positions were longs. Dogecoin also experienced a minor drop, leading to over $44 million worth of long positions being liquidated. Additionally, last week saw the worst outflows for crypto exchange-traded products (ETPs), including ETFs, since March. The Federal Reserve's hawkish stance and the dot plot indicating only one interest rate hike have caused institutional investors to lose confidence in the markets. As for Bitcoin, it was the third-largest target for liquidations today, with short positions being the majority. In other news, Twitter CEO Linda Yaccarino hinted at the platform's upcoming payments functionality, which she believes will transform user engagement. Finally, the biggest cryptocurrencies, including Bitcoin and Ether, fell during the European morning, extending the subdued mood after the Federal Reserve's trimmed interest-rate cut expectations. Meme coins like SHIB and DOGE also experienced declines.

Sources :

- Decrypt
- Coindesk