Latest news with #CoinSwitchMarkets
Economic Times
2 days ago
- Business
- Economic Times
Bitcoin slides to $119K from new record, outlook cautious as policy signals hit sentiment
Bitcoin retreated to $119,186.31 on Friday, down 2.3% for the day, as a record-breaking surge to $124,480.82 barely 24 hours earlier gave way to heavy selling, $1 billion in leveraged liquidations, and a cooler outlook amid shifting U.S. policy signals. ADVERTISEMENT Cryptocurrency markets steadied after a bruising 24 hours that saw bitcoin's latest milestone crumble under pressure. 'BTC fell from above $123K to near $121K, followed by another wave of selling that pushed it below $119K,' the CoinSwitch Markets Desk said. The decline was steep, reflecting selling pressure. After touching lows close to $117K, the price began to recover gradually, regaining ground through the later part of the day. BTC now has moved back above $119K, showing some buying interest, though the rebound remains modest compared to the earlier falls, said CoinSwitch Markets. The drop followed comments from U.S. Treasury Secretary Scott Bessent that the government has 'no plans to make further Bitcoin purchases for its Bitcoin and digital asset reserve,' remarks that he later softened by saying the department was still exploring 'budget-neutral options to acquire Bitcoin for the Strategic Bitcoin Reserve.' More than $1 billion in leveraged positions were wiped out in the past 24 hours after hotter-than-expected U.S. Producer Price Index data dampened hopes for imminent Federal Reserve rate cuts. Long positions accounted for $866 million of the liquidations, dwarfing the $140 million in shorts, according to CoinDesk. Ether traders took the biggest hit at $348.9 million liquidated, followed by bitcoin at $177.1 exchange-traded funds recorded $292.9 million in outflows during the sell-off. Among altcoins, dogecoin dropped 9% to $0.2316, leading losses, while Solana's SOL, XRP, and BNB Chain's BNB fell between 3% and 7%. ADVERTISEMENT Bitcoin's slide from its $124,089 peak to below $117,500 triggered $227 million in leveraged liquidations on bullish positions, but derivatives metrics remained steady. The BTC futures annualized premium held at 9%, within the neutral 5%–10% range, suggesting the record was not fueled by excessive leverage. Still, data from Trading View pointed to a lack of confidence in a rally toward $150,000. Unlock 500+ Stock Recos on App Market participants are now watching U.S. economic data and Federal Reserve commentary closely, with September seen as the next major inflection point for policy. According to the CME FedWatch tool, the implied probability of the Fed cutting rates to 3.75% or lower by January 2024 has slipped to 61% from 67% a week earlier, underscoring the cautious tone across risk assets. ADVERTISEMENT Ethereum fell 2.5% over the past 24 hours, briefly approaching $4,800 before settling near $4,600. CoinSwitch noted that Wall Street giant Citigroup is weighing plans to offer cryptocurrency custody and payment services 'seeking to capitalize on a market strengthened by recent U.S. regulatory approvals and pro-industry legislation.' Also read | 5 Wall Street moguls who dismissed Bitcoin as a fad — Guess what they're saying now! (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times) (You can now subscribe to our ETMarkets WhatsApp channel)
Time of India
2 days ago
- Business
- Time of India
Bitcoin slides to $119K from new record, outlook cautious as policy signals hit sentiment
Bitcoin retreated to $119,186.31 on Friday, down 2.3% for the day, as a record-breaking surge to $124,480.82 barely 24 hours earlier gave way to heavy selling, $1 billion in leveraged liquidations , and a cooler outlook amid shifting U.S. policy signals. Cryptocurrency markets steadied after a bruising 24 hours that saw bitcoin's latest milestone crumble under pressure. 'BTC fell from above $123K to near $121K, followed by another wave of selling that pushed it below $119K,' the CoinSwitch Markets Desk said. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Gold Is Surging in 2025 — Smart Traders Are Already In IC Markets Learn More The decline was steep, reflecting selling pressure. After touching lows close to $117K, the price began to recover gradually, regaining ground through the later part of the day. BTC now has moved back above $119K, showing some buying interest, though the rebound remains modest compared to the earlier falls, said CoinSwitch Markets. Crypto Tracker TOP COIN SETS BTC 50 :: ETH 50 9.37% Buy Crypto Blue Chip - 5 6.15% Buy DeFi Tracker 5.34% Buy AI Tracker 2.01% Buy Web3 Tracker 1.57% Buy TOP COINS (₹) Tether 88 ( 0.13% ) Buy BNB 74,668 ( -1.28% ) Buy Bitcoin 10,426,819 ( -2.13% ) Buy Ethereum 407,037 ( -2.33% ) Buy XRP 274 ( -3.89% ) Buy The drop followed comments from U.S. Treasury Secretary Scott Bessent that the government has 'no plans to make further Bitcoin purchases for its Bitcoin and digital asset reserve,' remarks that he later softened by saying the department was still exploring 'budget-neutral options to acquire Bitcoin for the Strategic Bitcoin Reserve.' Liquidations and ETF outflows deepen sell-off More than $1 billion in leveraged positions were wiped out in the past 24 hours after hotter-than-expected U.S. Producer Price Index data dampened hopes for imminent Federal Reserve rate cuts. Long positions accounted for $866 million of the liquidations, dwarfing the $140 million in shorts, according to CoinDesk. Ether traders took the biggest hit at $348.9 million liquidated, followed by bitcoin at $177.1 million. Did you Know? The world of cryptocurrencies is very dynamic. Prices can go up or down in a matter of seconds. Thus, having reliable answers to such questions is crucial for investors. View Details » Live Events BTC exchange-traded funds recorded $292.9 million in outflows during the sell-off. Among altcoins, dogecoin dropped 9% to $0.2316, leading losses, while Solana's SOL, XRP, and BNB Chain's BNB fell between 3% and 7%. Policy signals and derivatives market response Bitcoin's slide from its $124,089 peak to below $117,500 triggered $227 million in leveraged liquidations on bullish positions, but derivatives metrics remained steady. The BTC futures annualized premium held at 9%, within the neutral 5%–10% range, suggesting the record was not fueled by excessive leverage. Still, data from Trading View pointed to a lack of confidence in a rally toward $150,000. Market participants are now watching U.S. economic data and Federal Reserve commentary closely, with September seen as the next major inflection point for policy. According to the CME FedWatch tool, the implied probability of the Fed cutting rates to 3.75% or lower by January 2024 has slipped to 61% from 67% a week earlier, underscoring the cautious tone across risk assets. Ethereum and Institutional moves Ethereum fell 2.5% over the past 24 hours, briefly approaching $4,800 before settling near $4,600. CoinSwitch noted that Wall Street giant Citigroup is weighing plans to offer cryptocurrency custody and payment services 'seeking to capitalize on a market strengthened by recent U.S. regulatory approvals and pro-industry legislation.' Also read | 5 Wall Street moguls who dismissed Bitcoin as a fad — Guess what they're saying now!
