FOMO

Wednesday

Spot

The global crypto market cap fell more than 6% to $1.63 trillion today. Top cryptocurrencies Bitcoin, Ethereum, Solana, XRP, Cardano, and others tumble over 6% in just an hour. BTC price fell 7% to below the $41,000 level in the last 24 hours, erasing earlier gains. On the other hand, Ethereum (ETH) price fell 8% to hit a low of $2,113. 
The crypto market saw over $600 million in liquidation in the last 24 hours, with $500 liquidated in just an hour. Coinglass data indicate long positions worth over $561 million were liquidated today, January 3. More than 176K&nbsp;traders were liquidated in the last 24 hours, with the largest single liquidation order on Huobi’s&nbsp;BTCUSDT&nbsp;worth&nbsp;$14.26 million. 
<img decoding="async" class="aligncenter wp-image-172099" src="https://coingape.com/wp-content/uploads/2024/01/screenshot-www.coinglass.com-2024.01.03-18_21_51.png" alt="crypto liquidation" width="766" height="226" srcset="https://coingape.com/wp-content/uploads/2024/01/screenshot-www.coinglass.com-2024.01.03-18_21_51.png 1866w, https://coingape.com/wp-content/uploads/2024/01/screenshot-www.coinglass.com-2024.01.03-18_21_51-300x88.png 300w, https://coingape.com/wp-content/uploads/2024/01/screenshot-www.coinglass.com-2024.01.03-18_21_51-1224x361.png 1224w, https://coingape.com/wp-content/uploads/2024/01/screenshot-www.coinglass.com-2024.01.03-18_21_51-768x226.png 768w, https://coingape.com/wp-content/uploads/2024/01/screenshot-www.coinglass.com-2024.01.03-18_21_51-1536x453.png 1536w, https://coingape.com/wp-content/uploads/2024/01/screenshot-www.coinglass.com-2024.01.03-18_21_51-150x44.png 150w" sizes="(max-width: 766px) 100vw, 766px"> 
<h2 id="cme-bitcoin-futures-oi-slips-from-record-high">CME Bitcoin Futures OI Slips From Record High</h2> 
CME Bitcoin futures open interest (OI) hit a record high on Wednesday amid spot Bitcoin ETF approval hype and FOMO after recent BTC price rally. 
Coinglass on January 3 reported Bitcoin futures open interest (OI) on CME hitting a new high of $5.69 billion. The last time CME Bitcoin futures open interest hit an all-time high was in October 2021 when BTC price was trading above $60,000. In the next two months, BTC price tumbled below $40,000. 
<img decoding="async" class="aligncenter" src="https://pbs.twimg.com/media/GC5L1qtaQAARaBV?format=jpg&amp;name=large" alt="Image" width="770" height="291"> 
Additionally, the total Bitcoin futures OI on all exchanges dropped by 9% to $18.17 billion from $20.23 billion. In the last 4 hours, BTC OI fell by 6% on CME and 16% on Binance. Also, BTC options data indicates that puts are gradually increasing in the last 24 hours, indicating selloff by options traders. 
Meanwhile, <a href="https://coingape.com/matrixport-predicts-bitcoin-price-dip-to-36k-amid-sec-potential-rejection-of-btc-spot-etf/" target="_blank" rel="noopener">Matrixport</a> has shaken the crypto community with a bold forecast on Bitcoin price and SEC’s decision on <a href="https://coingape.com/education/bitcoin-spot-etf/" target="_blank" rel="noopener">Bitcoin Spot ETF</a>. According to the latest report, the U.S. Securities and Exchange Commission (SEC) is anticipated to reject all Bitcoin spot ETFs in January, potentially triggering a sharp decline in Bitcoin’s value to as much as $36,000. 
<h2 id="macro-makes-an-impact">Macro Makes An Impact</h2> 
The US Dollar Index (<a href="https://www.marketwatch.com/investing/index/dxy" target="_blank" rel="noopener">DXY</a>) soars 0.29% to move over 102.50 today. It has continued to rise since last week after hitting a low of 100.99 last week. 
Moreover, U.S. Treasury yields rose on Wednesday as investors look for fresh economic data due this week that could provide insights. 10-year Treasury yield jumps to 3.973%, making a rebound in the last few days. 
ISM Manufacturing PMI, JOLTS Job openings, and FOMC meeting minutes are due today while the jobs reports and services PMI’s are expected on Friday. 
These macro factors are adding additional hindrance to further upside momentum in Bitcoin. 
Also Read: <a title="Breaking: Bitcoin Bull Cathie Wood’s Ark Invest Extends Coinbase And Robinhood Selling Spree" href="https://coingape.com/bitcoin-bull-cathie-wood-ark-invest-coinbase-robinhood/" target="_blank" rel="bookmark noopener">Bitcoin Bull Cathie Wood’s Ark Invest Extends Coinbase And Robinhood Selling Spree</a> 
The post <a href="https://coingape.com/crypto-market-selloff-btc-eth-sol-xrp-ada-price-free-fall/">Crypto Market Selloff: $600 Mln Liquidated BTC, ETH, SOL, XRP, ADA Price Free Fall, Here’s Why</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Crypto Market Selloff: $600 Mln Liquidated BTC, ETH, SOL, XRP, ADA Price Free Fall, Here’s Why

Table of Contents

Coingape News Media

Other articles published on Jan 3, 2024

SBI and TradeFinex establish ‘SBI XDC Network APAC’

Bitcoin Price Dumps To $40k As Doubts Linger Over Spot ETF Approval, Can BTC Weather the Storm?

Bitcoin Turns 15: How The Pioneer Crypto Changed The Global Economy

Shiba Inu Drops Below $0.00001 Milestone Amid $500 Million Crypto Market Crash! What’s Next For S...

From Ban To Regulation: Nigeria Sets Tough Terms For Crypto Banking

Ripple making regulatory progress; Avalanche and Borroe Finance popularity rising

Join our free newsletter for daily crypto updates!