$249 million worth of long buys were wiped out in mere hours
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According to data provided by CoinGlass, the value of long positions reached $249 million Filtered During the last 24 hours.
This comes after the cryptocurrency fell to an intraday low of $96,891, according to CoinGecko. Data.
The reason behind the accident
The massive decline in Bitcoin prices came after a sharp increase in 10-year US Treasury yields.
The Institute for Supply Management (ISM) released its latest report earlier today, which showed that the December Purchasing Managers’ Index (PMI) for the private services sector reached 54.1 in December, up from 52.1 in November. It is worth noting that it was much higher than the consensus forecast of 53.5.
US stocks witnessed a sharp decline after the release of these data due to fears of inflation.
The Nasdaq 100 index, which is dominated by technology stocks, fell 1.3%, while the main S&P 500 index fell 0.57%.
shares Micro Strategy (MSTR)Bitcoin’s largest holder, rose nearly 9% on Tuesday.
Nothing big fat?
Although the ISM price index was terrible for risky assets, Oliver Allen, chief US economist at Pantheon Macroeconomics, believes this data may not necessarily be an indication of firmer-than-expected inflation.
He said in a post on the social media network .
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2025-01-07 21:13:00
