Crypto Traders Lose Nearly Half A Billion Dollars In Last Week

Professional traders who threw in the towel and sold their %Cryptocurrency holdings over the last week lost a combined $431.51 million U.S., according to data from %Coinglass.

The total market capitalization of the global cryptocurrency sector fell below $1 trillion U.S. last week as prices for %Bitcoin ($BTC), %Ethereum ($ETH), and other digital assets sold off sharply.

The continued price declines prompted 130,087 professional traders to liquidate their holdings of digital coins and tokens, booking a combined loss of nearly half a billion dollars in the process.

Long traders had huge losses that were 10 times greater than the losses of traders with short interests in cryptocurrencies.

The current market downturn is due to a combination of factors, notably inflation and the likelihood that interest rates will continue to rise in the coming months.

A majority of economists in America now expect the U.S. Federal Reserve to further raise interest rates by 75-basis points when it next makes a policy decision.

The price of Bitcoin is down 60% this year at $18,800.00 U.S. Ethereum’s price has declined 65% year-to-date to $1,320.00 U.S.

Related posts

Carl Icahn Increases His Stake In Take-Two Interactive To 10.68%


iPad Mini Display Outperformed By Kindle Fire HD & Nexus 7


Foxconn Might Open Manufacturing Plants In The U.S. [REPORT]


Peter Cundill Protégé Tim McElvaine on Investing in Japan [VIDEO]


Set Bing Home Page Image As Lock Screen In Windows 8


Morning Market News: JCP, APO, MCHP, ZIP, ENR, LGF, EA, ATVI, COV, LNT