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 <h2 id="reasons-behind-crypto-market-selloff">Reasons Behind Crypto Market Selloff</h2> 
 <p>The selloff started immediately after Binance announces a plan to shut down its buy-and-sell service Binance Connect just a year after the launch. The exchange wants to refocus on its main products and long-term goals. Despite the service supporting just 50 cryptocurrencies, a broader selloff was witnessed.</p>  
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 <p>Coinglass data reveals longs liquidation of $129 million in a day. Almost&nbsp;<span class="bybt-font0">63k </span>traders were liquidated in the last 24 hours, with the largest single liquidation order on&nbsp;<span class="bybt-font0"><strong>Binance’s ETHUSDT pair</strong>&nbsp;</span>worth&nbsp;<span class="bybt-font0">$2.34 million. Dogecoin, Litecoin, XRP, Solana, and Shiba Inu are amongst the most liquidated crypto in the past 24 hours.</span></p> 
 <p><img decoding="async" class="aligncenter wp-image-156714" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%20766%20210'%3E%3C/svg%3E" alt="crypto liquidations" width="766" height="210" data-lazy-src="https://cdn.coingape.com/wp-content/uploads/2023/08/16170538/screenshot-www.coinglass.com-2023.08.16-16_37_45.png"> 
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 <p>Traders and whales also took other reasons into consideration for selling which include the <a rel="noopener noreferrer nofollow" title="FOMC Minutes" href="https://thebittimes.com/tag/fomc-minutes.html">FOMC Minutes</a> release, Elon Musk ending XPro (TweetDeck) as a free offering, and the probability of the Shibarium mainnet release today. The US stock market indices also fell more than 1% on Tuesday on banking concerns and the weakening Chinese economy.</p>  
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 <p><a rel="noopener noreferrer nofollow" title="FOMC Minutes" href="https://thebittimes.com/tag/fomc-minutes.html">FOMC Minutes</a> will help provide clear guidance to traders regarding the plan of the US Federal Reserve for further rate hikes. However, a dovish approach can bring back momentum in the markets. The US dollar index (DXY) continues to move sideways near the 103.15 level, showing that macro didn’t have any severe impact on crypto prices.</p> 
 <p>Shibarium release can be a buy the rumor, sell the news event. SHIB price can continue falling amid a mostly neutral sentiment in the market. Whales that recently started buying, can sell their SHIB and BONE holdings.</p>  
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 <p><strong>Read More: Bitcoin Metrics Signal Extreme Apathy And Exhaustion, End Of Downtrend?</strong></p> 
 <h2 id="market-selloff-to-extend">Market Selloff To Extend?</h2> 
 <p>Popular analysts such as Rekt Capital and Michael van de Poppe predict a further fall in crypto prices. Also, a bull flag breakout for BTC dominance is bad news for altcoins.</p> 
 <p>BTC price trades at $29142, down 1% in the past 24 hours, while ETH price also fell 1% to $1823. Meanwhile, top altcoins such as <a rel="noopener noreferrer nofollow" title="XRP" href="https://thebittimes.com/tag/xrp.html">XRP</a>, DOGE, SOL, MATIC, and SHIB fell 5% amid negative sentiment before the <a rel="noopener noreferrer nofollow" title="FOMC Minutes" href="https://thebittimes.com/tag/fomc-minutes.html">FOMC Minutes</a> release.</p> 
 <p><strong>Also Read:</strong></p> 
 <ul> 
  <li>Judge Torres Approves Investment Banker Declarant In Ripple Vs SEC</li> 
  <li>Here’s Why Terra Classic (LUNC) and Terra (LUNA) Prices Fell 10%</li> 
  <li>Coinbase Receives Approval For Regulated Crypto Futures Trading</li> 
 </ul> 
</div>

Crypto Market Selloff To Intensify After FOMC Minutes Release?

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