- BTC’s sharp drop to $66k contributed to $250 million in overall market liquidations
- Peter Schiff mocked the imperial currency amid its decline, but expressed sympathy for US investors.
Bitcoin (BTC) It faced a massive bearish reaction during Asian trading hours on April 2. The king currency fell $3,000 to $66,000 from $69,000, after US manufacturing activity unexpectedly improved in March.
At the time of writing this article, more than Merchants with 95% interest rates We expected the Fed to keep rates at its current range in May.
This means that the likelihood of a Fed rate cut by the summer may be quite low, which will impact risk assets like BTC.
Amidst the crisis, Peter Schiff attacks Bitcoin. it shows,
“Bitcoin fell by more than $3,000 in about 10 minutes. This is a decline of approximately 4.5%. This is equivalent to a $100 drop in the price of gold in 10 minutes. In fact, gold is up a few dollars.
However, he expressed sympathy for investors who were unable to take action until the New York Stock Exchange trading session began, saying:
“If it gets anything bigger, ETF investors will be stuck until the New York Stock Exchange opens tomorrow.”
Macroeconomic risks curb Bitcoin’s bullish prospects
Strong March US manufacturing data prompted Bloomberg analysts to cut the likelihood of a Fed rate cut in June to just below 50%.
Meanwhile, Quinn Thompson, CIO of Laker Capital’s on-chain derivatives platform, reacted to the development,
Description of He called it an “unprecedented macroeconomic risk.”
“I attribute a large part of today’s movement to a huge slap in the face on a broad front that has undermined animal sentiment across the board.”
The CIO expects a strong BTC move in the first two weeks of April with a “regional bounce” around the halving event. However, widespread exposure forced them to readjust the program.
“I’m definitely reevaluating that timeline, given that today’s move rates seem different.”
BTC’s wild drop to $66,000 pushes the market to a record high of over $250 million liquefaction In the last 12 hours. For BTC, rec positions totaled $95 million, and longs lost $64 million in liquidations during the same period.
Cryptocurrency research company 10X Research noted Those 68.3 thousand dollars were significant. However, a break below the February-April trendline support could give bears more leverage.
This is an automatic translation of our English version.