BTC price fell below $50,000 on Monday, reaching February’s levels.
Including altcoins, nearly $600 billion evaporated from the entire crypto market in just 4 days.
The
cryptocurrency market is experiencing one of its strongest sell-offs in months
today (Monday), testing levels not seen since the beginning of 2024. Bitcoin
(BTC) has shed 25% of its total value in just 4 days, shrinking by $320
billion. The rest of the cryptocurrency market lost practically the same amount.
Bitcoin and
Cryptocurrencies Face Strongest Sell-Off in a Year
Bitcoin's
price is falling by nearly 14% during Monday's session, testing levels below
the psychological support of $50,000. This is BTC's lowest price point since
February and marks the fourth day of very strong selling pressure.
In total,
the price has contracted by 25%, or about $16,000. In dollar terms, $320
billion has evaporated from the Bitcoin market since last Friday, erasing the
value stubbornly built by crypto bulls at the beginning of the year.
The BTC
sell-off wave has caused altcoins to lose massively as well, with the total
scale of the sell-off now reaching $600 billion. This is the strongest bleeding
of digital assets in over a year.
According to experts
and analysts, the main reason for the sudden change in sentiment on
Bitcoin, Ethereum, and major altcoins is the deteriorating condition of the
stock market, with which digital assets are strongly correlated.
For
example, the S&P 500 index lost nearly 2% last Friday and fell to two-month
lows at 5,346 points. The tech-heavy Nasdaq slid even more sharply, testing
levels last observed in May.
"The wider digital token space is following steep losses in global stock markets
amid fears of a slowdown in the US economy that is spurring speculation of an
emergency rate cut by the Federal Reserve," commented Arthur Firstov, Chief Business Officer at Mercuryo, the payment infrastructure providder for crypto. "Panic has swept
across cryptocurrency markets as participants witness waves of selling pressure."
The strong
depreciation of the US stock market was triggered not only by local economic
data and concerns about the Federal Reserve's (Fed) future monetary policy but
also by a crash in global stock markets. Global concerns were sparked by the
Japanese market, where the Nikkei index lost 20% over three days. Monday's
declines exceeded 10%, pushing the Tokyo stock exchange benchmark to its lowest
levels since November 2023.
$1 Billion in Leveraged
Longs Vanishes from the Market
The scale
of losses in the cryptocurrency market and the money actually lost by investors
is also shown by data on the value of liquidations of long leveraged positions.
CoinGlass data shows that liquidations of
long positions over the past 24 hours reached nearly $1 billion. $406 million
in longs disappeared from Bitcoin derivatives, and another $370 million from
long positions on Ethereum.
Companies
associated with digital assets, including publicly traded Bitcoin miners on
Wall Street, are also losing on the dynamic slide of cryptocurrencies. Shares
of Marathon Digital Holdings, the largest BTC producer on Nasdaq, fell by over
5% on Friday and tested levels from May. The depreciation exceeded 20% in just one week. Previously, the company's shares were
hurt by news of a $138 million fine imposed on it.
The
cryptocurrency market is experiencing one of its strongest sell-offs in months
today (Monday), testing levels not seen since the beginning of 2024. Bitcoin
(BTC) has shed 25% of its total value in just 4 days, shrinking by $320
billion. The rest of the cryptocurrency market lost practically the same amount.
Bitcoin and
Cryptocurrencies Face Strongest Sell-Off in a Year
Bitcoin's
price is falling by nearly 14% during Monday's session, testing levels below
the psychological support of $50,000. This is BTC's lowest price point since
February and marks the fourth day of very strong selling pressure.
In total,
the price has contracted by 25%, or about $16,000. In dollar terms, $320
billion has evaporated from the Bitcoin market since last Friday, erasing the
value stubbornly built by crypto bulls at the beginning of the year.
The BTC
sell-off wave has caused altcoins to lose massively as well, with the total
scale of the sell-off now reaching $600 billion. This is the strongest bleeding
of digital assets in over a year.
According to experts
and analysts, the main reason for the sudden change in sentiment on
Bitcoin, Ethereum, and major altcoins is the deteriorating condition of the
stock market, with which digital assets are strongly correlated.
For
example, the S&P 500 index lost nearly 2% last Friday and fell to two-month
lows at 5,346 points. The tech-heavy Nasdaq slid even more sharply, testing
levels last observed in May.
"The wider digital token space is following steep losses in global stock markets
amid fears of a slowdown in the US economy that is spurring speculation of an
emergency rate cut by the Federal Reserve," commented Arthur Firstov, Chief Business Officer at Mercuryo, the payment infrastructure providder for crypto. "Panic has swept
across cryptocurrency markets as participants witness waves of selling pressure."
The strong
depreciation of the US stock market was triggered not only by local economic
data and concerns about the Federal Reserve's (Fed) future monetary policy but
also by a crash in global stock markets. Global concerns were sparked by the
Japanese market, where the Nikkei index lost 20% over three days. Monday's
declines exceeded 10%, pushing the Tokyo stock exchange benchmark to its lowest
levels since November 2023.
$1 Billion in Leveraged
Longs Vanishes from the Market
The scale
of losses in the cryptocurrency market and the money actually lost by investors
is also shown by data on the value of liquidations of long leveraged positions.
CoinGlass data shows that liquidations of
long positions over the past 24 hours reached nearly $1 billion. $406 million
in longs disappeared from Bitcoin derivatives, and another $370 million from
long positions on Ethereum.
Companies
associated with digital assets, including publicly traded Bitcoin miners on
Wall Street, are also losing on the dynamic slide of cryptocurrencies. Shares
of Marathon Digital Holdings, the largest BTC producer on Nasdaq, fell by over
5% on Friday and tested levels from May. The depreciation exceeded 20% in just one week. Previously, the company's shares were
hurt by news of a $138 million fine imposed on it.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
Banking Giant Bets Big on EU's First Regulated Crypto Futures Platform
Transformation in the APAC Trading Landscape and Beyond | FMPS:24
Transformation in the APAC Trading Landscape and Beyond | FMPS:24
As the financial services industry experiences rapid and transformative changes, leading fintech experts and policymakers come together to discuss the present and future of retail trading and the evolving regulatory landscape. Join this insightful session for a forward-looking perspective on the trends, innovations, and trader needs that are shaping the future of offerings on a global scale.
Speakers:
Eric Blewitt, CEO, Investment Trends
Rhys Bollen, Senior Executive Leader, Digital Assets, Australian Securities and Investments Commission (ASIC)
Michael Bogoevski, Head of Institutional Sales, CMC Connect
Karin Setchell, General Manager, Product & Investing Solutions, CommSec
#fmps #fmps24 #fmevents #RetailTrading #FintechInnovation #FinancialRegulation #DigitalAssets #GlobalFinance
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As the financial services industry experiences rapid and transformative changes, leading fintech experts and policymakers come together to discuss the present and future of retail trading and the evolving regulatory landscape. Join this insightful session for a forward-looking perspective on the trends, innovations, and trader needs that are shaping the future of offerings on a global scale.
Speakers:
Eric Blewitt, CEO, Investment Trends
Rhys Bollen, Senior Executive Leader, Digital Assets, Australian Securities and Investments Commission (ASIC)
Michael Bogoevski, Head of Institutional Sales, CMC Connect
Karin Setchell, General Manager, Product & Investing Solutions, CommSec
#fmps #fmps24 #fmevents #RetailTrading #FintechInnovation #FinancialRegulation #DigitalAssets #GlobalFinance
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
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👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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Executive Interviews with Joe Li & Simon Naish | ATFX | FMPS:24
Executive Interviews with Joe Li & Simon Naish | ATFX | FMPS:24
In this Finance Magnates Executive Interview, Joe Li, Chairman at ATFX and Simon Naish, Country Head of Australia at ATFX Connect, discuss ATFX’s strategic growth in the APAC region, particularly focusing on their institutional arm, ATFX Connect. They highlight the importance of Australia as a strategic hub, the challenges of operating in a highly competitive and regulated market, and their plans for regional expansion across APAC. The conversation touches on the integration of advanced technology and multi-asset offerings, the significance of optimal execution tools, and the importance of tailoring solutions to meet the sophisticated demands of institutional clients. They also emphasize their strong regulatory compliance and their commitment to enhancing client experience through innovative tools and infrastructure.
#fmps #fmps24 #fmevents #ATFXConnect #APACFinance #InstitutionalTrading #FinancialTechnology #MarketExpansion
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
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👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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Don't miss out on our latest videos, interviews, and event coverage.
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In this Finance Magnates Executive Interview, Joe Li, Chairman at ATFX and Simon Naish, Country Head of Australia at ATFX Connect, discuss ATFX’s strategic growth in the APAC region, particularly focusing on their institutional arm, ATFX Connect. They highlight the importance of Australia as a strategic hub, the challenges of operating in a highly competitive and regulated market, and their plans for regional expansion across APAC. The conversation touches on the integration of advanced technology and multi-asset offerings, the significance of optimal execution tools, and the importance of tailoring solutions to meet the sophisticated demands of institutional clients. They also emphasize their strong regulatory compliance and their commitment to enhancing client experience through innovative tools and infrastructure.
#fmps #fmps24 #fmevents #ATFXConnect #APACFinance #InstitutionalTrading #FinancialTechnology #MarketExpansion
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
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Ready to Scale? Regtech in Australia, A Global View | FMPS:24
Ready to Scale? Regtech in Australia, A Global View | FMPS:24
In the effort to elevate Australian fintech on the global stage, RegTech presents a unique and compelling case. Despite the increasing demand for robust compliance solutions, Australia's RegTech sector—ranked third-largest globally—remains underfunded. Join this insightful fireside chat to explore the future of Australia’s RegTech hub and its global potential.
Key discussion points include uncovering the hidden opportunities in RegTech that VCs are overlooking, the necessary steps for increased governmental support, the readiness of the local ecosystem to collaborate across global regulatory regimes, and lessons learned from other leading fintech hubs around the world.
Speakers:
Dickie Currer, National Lead, Tech Australia Advocates
Deborah Young, CEO, The RegTech Association
#fmps #fmps24 #fmevents #RegTech #Fintech #AustralianFintech #GlobalCompliance #TechInnovation
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In the effort to elevate Australian fintech on the global stage, RegTech presents a unique and compelling case. Despite the increasing demand for robust compliance solutions, Australia's RegTech sector—ranked third-largest globally—remains underfunded. Join this insightful fireside chat to explore the future of Australia’s RegTech hub and its global potential.
Key discussion points include uncovering the hidden opportunities in RegTech that VCs are overlooking, the necessary steps for increased governmental support, the readiness of the local ecosystem to collaborate across global regulatory regimes, and lessons learned from other leading fintech hubs around the world.
Speakers:
Dickie Currer, National Lead, Tech Australia Advocates
Deborah Young, CEO, The RegTech Association
#fmps #fmps24 #fmevents #RegTech #Fintech #AustralianFintech #GlobalCompliance #TechInnovation
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
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Resilience in Trading: From Third Class To World Class | FMPS:24
Resilience in Trading: From Third Class To World Class | FMPS:24
Join Mario Singh, Founder and Chairman of Fullerton Markets, as he shares his life story, highlighting the traits that were required starting without financial knowledge to become a financial and trading expert recognised by world-renowned media like CNBC & Bloomberg.
#fmps #fmps24 #fmevents #trading #onlinetrading #tradingexpert #tradingjourney
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Join Mario Singh, Founder and Chairman of Fullerton Markets, as he shares his life story, highlighting the traits that were required starting without financial knowledge to become a financial and trading expert recognised by world-renowned media like CNBC & Bloomberg.
#fmps #fmps24 #fmevents #trading #onlinetrading #tradingexpert #tradingjourney
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IBs and Brokers: The Good, The Bad, The Ugly | FMPS:24
IBs and Brokers: The Good, The Bad, The Ugly | FMPS:24
For most brokers, IBs and trading educators are invaluable partners, driving highly targeted traffic from key regions. However, without proper management, these relationships can quickly turn sour. In this session, gain an insider’s perspective on the types of licenses IBs need in APAC, the crucial details in IB agreements that both parties must scrutinize, common disputes between IBs and brokers and effective resolutions, and the pros and cons of transitioning from IB to broker.
Speakers:
Melody Gao, Senior Lawyer, Sophie Grace
James Perry-Keene, Head of Strategic Partnerships, Pepperstone
Christopher Balanzategui, CEO, N3tworx
#fmps #fmps24 #fmevents #IBAgreements #BrokerPartnerships #TradingIndustry #APACFinance #FinancialRegulation
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For most brokers, IBs and trading educators are invaluable partners, driving highly targeted traffic from key regions. However, without proper management, these relationships can quickly turn sour. In this session, gain an insider’s perspective on the types of licenses IBs need in APAC, the crucial details in IB agreements that both parties must scrutinize, common disputes between IBs and brokers and effective resolutions, and the pros and cons of transitioning from IB to broker.
Speakers:
Melody Gao, Senior Lawyer, Sophie Grace
James Perry-Keene, Head of Strategic Partnerships, Pepperstone
Christopher Balanzategui, CEO, N3tworx
#fmps #fmps24 #fmevents #IBAgreements #BrokerPartnerships #TradingIndustry #APACFinance #FinancialRegulation
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