Bitcoin rose sharply as new US economic data fueled expectations of a Federal Reserve turnabout. However, the price of the number one cryptocurrency has since fallen to levels not seen this month.
![](https://todayincrypto.com/wp-content/uploads/2022/08/img_63091402c43ec.jpg)
The market capitalization of all cryptocurrencies has fallen below $1 trillion in a tricky choppy market price action as other cryptocurrencies follow in Bitcoin’s footsteps.
The price of bitcoin jumped on Friday afternoon, reaching $21,886 on Bitstamp according to TradingView, a gain of 3% in just 2 hours, before plummeting to its lowest price point this month in the following hours.
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The move looked to have marked a surprise about-turn for Bitcoin before it continued the selling pressure trend it had been on as markets awaited clues from Fed Chair Jerome Powell’s Jackson Hole symposium speech.
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The rest of the cryptocurrency market, which followed the flagship cryptocurrency, is drowning in a sea of red. The market capitalization of all cryptocurrencies worldwide has lost $60 billion since its intraday peak as it dips below $1 trillion for the first time in a month.
![](https://todayincrypto.com/wp-content/uploads/2022/08/img_6309140789155.png)
The bumpy market price action has resulted in a sizable amount of liquidation due to traders’ failure to profit from their wagers on the price trajectory of Bitcoin and other cryptocurrencies. Short order liquidations make up 73.33% of all liquidations, according to data from Coinglass.
![](https://todayincrypto.com/wp-content/uploads/2022/08/img_630914090d82d.jpg)
84,409 traders from across the cryptosphere liquidated their long orders in the last day, bringing the total amount liquidated to about $268 million.
![](https://todayincrypto.com/wp-content/uploads/2022/08/img_63091409e4aad.jpg)
There are indications that further volatility is coming. Manage your portfolio carefully as the lack of a BTC futures premium, a series of liquidations over the past week, and excessive stablecoin lending all hint toward potential new yearly lows.