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The crypto market is in a state of despair as Bitcoin sinks below $21,000


June 14, 2022 · By MATheGooner
Bitcoin (BTC)

The global financial market has been in a sea of red in recent weeks, and it seems that the crypto market has felt the worst of the blow, with Bitcoin price reaching $20,832, and the crypto market going below $1 trillion for the first time in over a year.

The global stocks market, with which Bitocin and the crypto market have been moving in lockstep, is in a bear market, and liquidation panics are in the air, with everything being sold. 

Many factors, including the Federal Reserve’s financial tightening to battle inflation in the United States, have influenced the sell-offs that can be attributed to a global economic recession.

Many market players have been cracking down on their investments as the idea of the Fed going to severe lengths to manage the hottest US inflation in four decades has been suggested. The Federal Reserve has already hiked interest rates by 50 basis points, and they may raise them considerably higher in order to cool down an overheating economy. 

The crypto market took a dive early Monday after a major loan provider, Celsius, froze withdrawals with real liquidity implications, raising concerns that this was yet another case of fraud or Ponzi scheme implosion akin to the Terra collapse.

The exacerbated macro-driven volatility that had been there since Friday’s US CPI release resulted in the global cryptocurrency market losing about $290 billion since Friday’s US CPI report, falling from $1.215 trillion to 925 billion at the time of writing.

The indecisiveness in market price action has resulted in both long and short orders being liquidated in big numbers with the majority being short orders. According to coinglass data, shorts constitute 54.07 percent of total liquidations.

In the last 24 hours, 160,757 traders around the cryptosphere liquidated their long orders, bringing the total amount liquidated to nearly $700 million.

However, the carnage may not be over yet with the Federal Open Market Committee (FOMC) monetary policy statement scheduled for release tomorrow at 2:00pm ET, June 15th.

The Fed is likely to raise the federal funds rate by 75 basis points, which would be the first time the Fed has taken such a hawkish stance in this century. In those circumstances, everyone should be prepared for a market reaction similar to December 2018, when there was a devastating sell-off in response to the hike, which could signify the bottom of this downtrend.

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