{"id":50568,"date":"2022-06-14T18:29:22","date_gmt":"2022-06-14T18:29:22","guid":{"rendered":"https:\/\/harchi90.com\/after-1-billion-liquidations-on-cryptos-black-monday-selling-wanes-ahead-of-fomc\/"},"modified":"2022-06-14T18:29:22","modified_gmt":"2022-06-14T18:29:22","slug":"after-1-billion-liquidations-on-cryptos-black-monday-selling-wanes-ahead-of-fomc","status":"publish","type":"post","link":"https:\/\/harchi90.com\/after-1-billion-liquidations-on-cryptos-black-monday-selling-wanes-ahead-of-fomc\/","title":{"rendered":"After $ 1 billion liquidations on crypto’s ‘Black Monday,’ selling wanes ahead of FOMC"},"content":{"rendered":"
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Cryptocurrency sell-offs continued through Tuesday morning, with drawdowns waning after the sector’s \u201cBlack Monday\u201d saw over $ 1 billion in crypto derivatives liquidated over a 24 hour period according to data from Coinglass.<\/p>\n

Overall, the total crypto market cap has lost more than two-thirds of its value since peaking in November, according to Coinmarketcap, falling from $ 3 trillion at its apex to $ 952 billion as of Tuesday 11 am New York time.<\/p>\n

After briefly dipping to $ 20,950 per unit early Tuesday morning, the bitcoin (BTC-USD) price has settled at $ 22,652, a loss of 5.2% in the last 24 hours according to Coinmarketcap.<\/p>\n

Meanwhile, ether (ETH-USD) trades at $ 1,236 per coin, a 1.31% gain on the day after seeing some of the worst losses of major cryptocurrencies Sunday through Monday.<\/p>\n

According to DeFi Llama, the total market capitalization of stablecoins is currently $ 158 billion, down 16.4% from its May 1 peak of $ 189 billion, a 1% loss on the day.<\/p>\n

Analysts remain extremely cautious as investors await the Federal Reserve’s Wednesday FOMC meeting and press conference.<\/p>\n

\u201cIf Wall Street gets a very hawkish decision and press conference, Treasury yields and the dollar could surge once again and that would test the line in the sand many crypto traders have drawn,\u201d noted Edward Moya, senior market analyst at Oanda.<\/p>\n

\u201cIf Bitcoin breaks below the $ 20,000 level, support might not emerge until the $ 17,000 level. Another crypto plunge might not see major support until the 2019 summer high around the $ 14,000 level, \u201dMoya went on to say.<\/p>\n

Also drawing headlines on Tuesday was an announcement from Coinbase (COIN) that the company would be laying off 1,100 employees, or 18% of its workforce, in a bid to remain financially sound.<\/p>\n

\u201cWe appear to be entering a recession after a 10+ year economic boom,” Coinbase founder and CEO Brian Armstrong said this morning in a blog post. “A recession could lead to another crypto winter, and could last for an extended period. In past crypto winters, trading revenue (our largest revenue source) has declined significantly. “<\/p>\n