The largest single liquidation order, worth $7.91 million in ETH/USD, was placed on ByBit.
A drop in the Bitcoin price led to altcoin markets sustaining losses as more than 84,676 traders were hit with liquidations over the past 24 hours. A liquidation is initiated when a trader's initial margin in a position is lost., Bitcoin and the majority of altcoins are currently losing value. Bitcoin fell to lows of $41,126 on Jan. 18. Tokens such as Cardano, Uniswap and Chainlink are recording losses between 8% and 11% in the last 24 hours.
The decline in ADA looks to be typical of a pullback that often occurs following a significant price gain. The token soared over 60% to $1.64 on Jan. 17, outpacing Bitcoin, as the expected debut of SundaeSwap, Metaverse foray and scaling solutions piqued investor interest. At the time of publication, ADA was trading at around $1.384.continue to increase on expectations of impending rate hikes by the Federal Reserve, putting pressure on Bitcoin and the equities market.
For the first time in two years, the two-year Treasury yield, which represents short-term interest rate expectations, surpassed 1%. On Wednesday morning, it was even higher, hovering around 1.06%.
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