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On Saturday, the crypto market dropped further, with bitcoin (BTC)<\/a> reaching price levels last seen in July 2021, while ethereum (ETH)<\/a> extended its losses against BTC.<\/p>\n On Saturday, the crypto market dropped further, with bitcoin (BTC) reaching price levels last seen in July 2021, while ethereum (ETH) extended its losses against BTC.<\/p>\n At 10:15 UTC, BTC trades at around USD 34,363 and down 13% in a day and 30% in a month, trimming its annual gains to less than 11%. Meanwhile, ETH is down 19%, trading at USD 2,332. The price is also down 42% in a month, but is still up 108% in a year.<\/p>\n Other coins<\/a> from the top 10 club are down 19%-30% in a day. Liquidations in the crypto derivatives market surpassed USD 1bn as more than 351,680 trading positions were liquidated in the past 24 hours, per Coinglass data.<\/p>\n As reported<\/a>, the market dropped following a selloff led by technology stocks in the US this week.<\/p>\n “Bitcoin\u2019s continued selloff is driving speculators out the market. However, with leverage quick to build up around this asset, the market could be setting itself up for a short squeeze and relief rally,\u201d Ben Caselin, Head of Research and Strategy at crypto exchange AAX<\/strong>, told Cryptonews.com<\/i> on Friday.<\/p>\n He added that the selloff is likely \u201cnot too concerning\u201d for long-term holders, although it could turn away some newcomers to the space. In particular, this is the case for \u201cthose who are trading meme coins and other hype-based tokens,\u201d the analyst said.<\/p>\n While there have been much larger percentage drawdowns for both bitcoin and the aggregate market, this marks the second-largest ever decline in dollar terms for both, Bloomberg reported<\/a>, citing Bespoke Investment Group<\/strong>. “It gives an idea of the scale of value destruction that percentage declines can mask,” per the analysts at the group.<\/p>\n “Bitcoin is being battered by a wave of risk-off sentiment. For further cues, keep an eye on traditional markets. Fear and unease among investors is palpable,” Antoni Trenchev, Nexo<\/strong> Co-founder and Managing Partner, was quoted as saying by Bloomberg.\u00a0 _____ – Bitcoin, Ethereum Could Benefit If Stocks Drop After Fed Tightening \u2013 Strategist<\/a> – How Global Economy Might Affect Bitcoin, Ethereum, and Crypto in 2022<\/a>
_____<\/p>\nReactions:<\/h3>\n
Learn more:<\/strong>\u00a0
– Two Main Macro Scenarios in Play for Bitcoin & Crypto in 2022 – CryptoCompare<\/a>
– Bitcoin’s & Ethereum’s Near-Term Moves Expected to Signal Further Direction<\/a><\/p>\n
– \u00a0USD 100K per Bitcoin ‘Hopium’ Now Moved to Mid-2022<\/a><\/p>\n
– Bitcoin and Ethereum Price Predictions for 2022<\/a>
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(Updated at 09:49 UTC with reactions. Updated at 10:18 UTC with the latest market data.)\u00a0<\/i><\/p>\n<\/p><\/div>\n