Bitcoin

<ul><li>Bitcoin&#39;s value dips under $29,000 as Fed&#39;s hawkish stance reverberates.</li><li>The cryptocurrency market witnesses $158.12M liquidation in 24 hours.</li><li>Equities and crypto both bear the brunt as S&amp;P 500 index drops, while the dollar gains amid Fed&#39;s tightening.</li></ul>The cryptocurrency market faced a turbulent Thursday as Bitcoin slid below the $29,000 mark, echoing the decline in traditional stocks. The catalyst behind this downward movement was the U.S. Federal Reserve&#39;s release of <a href="https://www.reuters.com/markets/us/fed-meeting-minutes-could-hint-end-rate-hikes-2023-08-16/" rel="noopener noreferrer nofollow">meeting minutes</a> on August 16, reaffirming its hawkish stance on monetary policy. In the wake of this revelation, Bitcoin experienced a 2.06% overnight drop, settling at a trading price of $28,535. The ensuing ripple effect resulted in liquidations totaling around $160 million across the crypto sphere.Remarkably, <a href="https://www.coinglass.com/LiquidationData" rel="noopener noreferrer nofollow">data</a> provided by Coinglass illuminated that the bulk of these liquidations, accounting for $48 million, pertained to investors holding positions in Bitcoin. The blow primarily impacted long traders, leaving them grappling with substantial losses. Within a 24-hour window, the crypto market bore witness to an overall liquidation of $158.12 million, impacting 54,608 traders who faced the brunt of this unexpected market movement.Unsurprisingly, the hardest hit were long traders, who collectively absorbed approximately $140 million in losses. Both Bitcoin and Ethereum, the two largest cryptocurrencies, contributed significantly to these losses, collectively accounting for a staggering $62.67 million decrease in value. In stark contrast, short traders faced losses that were notably lower, amounting to less than $20 million.Read full article at <a href="https://cryptotale.org/bitcoin-slips-below-29000-amidst-feds-hawkish-stance/" rel="noopener noreferrer nofollow">CryptoTale.</a>

Bitcoin Slips Below $29,000 Amidst Fed's Hawkish Stance

CryptoTale

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