Funds of Over 158,000 Crypto Investors Wiped Out as Bitcoin Buckles

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Investment of about 158,832 traders which totaled about $387.96million have been liquidated following the dollar rebound to its highest level in 20 years.

It is the biggest single liquidation on Okx, a BTC-USD-220930 transaction at $2.93.

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The premier crypto, bitcoin and Ethereum have their prices broken their key $4k and 3k support levels individually as investors’ sentiments are at a bearish level.

The important driver of the round of liquidations, promoters say, was a very sharp selloff in the week before which was driven by a strong dollar that has gotten to the new highs in two decades. Many altcoins such as Cardano, Solana and XRP saw a sharp drop in their prices.

As investors stake that the US Federal Reserve’s interest rate increases will leave other Central banks in its wake, the US dollar soared to its highest level in 20 years on Thursday 28, 2022.

The dollar remains a measure of the strength of the US currency against many currencies of the developed countries including the Euro, Yen and the British pound.

Crypto analysts are now thinking if the bitcoin price with the current situation will get to the long-anticipated $100,000 level before the end of the year.

Bitcoin has been declining consistently over the past few days. In the last week, the $40,000 level has been also working as a significant fixed resistance level most of the time.

The fall in bitcoin price comes as investors weigh the risks of rising interest rates, soaring inflation and dislocation of global commerce as a result of Russia’s invasion of Ukraine.

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