The cryptocurrency market is undergoing a massive sell-off that saw the price of flagship cryptocurrency Bitcoin (BTC) plunge more than 4%, from nearly $103,000 to around $97,900.
The sell-off has affected most major digital currencies, with Ethereum’s ether losing around 7% of its value over the past 24 hours, while XRP is down over 5% and Solana over 6%. %. Among the major cryptocurrencies, among the worst hit were Avalanche (AVAX) and Chainlink (LINK), which fell by more than 9% each.
The sudden market slowdown saw liquidations in the cryptocurrency space climb to over $150 million in the past hour, a significant level that helped push 24-hour liquidations to around $388 million, according to CoinGlass data.
The cryptocurrency market is currently experiencing a decline due to several factors, including a decline in traditional markets, with the S&P 500 losing around 0.3% of its value during today’s session, while the NASDAQ is down more than 1%.
Meanwhile, Treasury yields have risen significantly, with the 10-year U.S. Treasury interest rate jumping about 5 basis points to now stand at 4.683%. The withdrawal occurred while Job openings in the United States increased more than expected in November, a potential sign of a cooling of the labor market.
Additionally, profit-taking by long-term holders, who may sell part of their holdings after large gains, could contribute to downward pressure on prices.
Featured image via Pixels.
