Crypto market braces for Euro CPI, FOMC minutes – What’s next for BTC, ETH?

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The crypto market retraced slightly on Monday, the 19th of August. The global crypto market capitalization was down by 3% at the time of writing

The futures market shows increasing use of leverage, with more traders leaning towards short positions.

The cryptocurrency market retraced slightly on Monday, the 19th of August. The global crypto market capitalization was down by 3% at the time of writing, with the two largest cryptos, Bitcoin failed to hold the psychological threshold at $60,000 and had dropped to around $58,000 at press time. The largest altcoin ETH was also following a similar bearish trend to trade lower at around $2,570.at 28, the market is in fear. However, the release of key economic data sets including the Eurozone Consumer Price Index and the Federal Open Market Committee minutes could shift the current sentiment.that July inflation will come to 2.6%, up from June’s 2.5%.

Ethereum also had the highest volume of liquidations across the crypto market at the time of writing. $30 million worth of ETH was liquidated in the last 24 hours, with $27M being long positions. These liquidations have seen long traders choose to close their positions as short positions increase. The Ethereum long/short ratio has dropped to 0.85, with 54% of futures traders holding short positions.The analyst noted that investors are beginning to take risks, which usually happens during bull markets. “The reckless use of leverage by risk-taking investors will fuel the crypto bull market,” the analyst said.

 

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