Cryptocurrency Prices Drop Amid Prolonged Selling Pressure
Cryptocurrency markets experienced another bout of selling pressure on Tuesday, resulting in a 1.00% decline in the global crypto market capitalization. Bitcoin (BTC/USD) was trading above $23,000, Ethereum (ETH/USD) was trading at $1,612, and Dogecoin (DOGE/USD) was at $0.081, down 0.93%. CoinGlass data reveals that in the last 24 hours, 30,696 traders were liquidated, resulting in a staggering $69.92 million in total liquidations. U.S. equities also closed lower on the last day of February, with the S&P 500 falling 0.3% and the Nasdaq Composite dipping 0.1%. Initial jobless claim numbers, expected to be released on Thursday, could provide insight into the state of the economy. Meanwhile, Bored Ape Yacht Club (BAYC) creator Yuga Labs announced that it is creating an NFT collection minted on the Bitcoin-based Ordinals protocol, and Nishad Singh, former Engineering Director of FTX, agreed to plead guilty to criminal charges brought against him by U.S. prosecutors. Pseudonymous trader DonAlt believes that the markets are on the brink of a monumental moment as Bitcoin’s monthly close approaches, and crypto analyst Michaël van de Poppe said that the idea of Bitcoin being uncorrelated to the US and more correlated to China is “the biggest bullshit” he has heard this year. Pseudonymous analyst Kaleo expressed the firm conviction that Bitcoin will soon reach a strong, all-time high of $30,000. Tuesday’s sell-off was yet another reminder of the volatility of the crypto markets, and investors will be closely watching for any signs of a recovery in the coming days.
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