Good morning!
Bitcoin (BTC) briefly slipped below $100,000 for the first time since June as a wave of liquidations and shifting macro expectations triggered a broad crypto sell-off.
The leading cryptocurrency is now down more than 20% from the all-time high above $126,000 it set in early October. The broader crypto market, as measured via the CoinDesk 20 (CD20) index, fell 2.6% in the last 24 hours and more than 27% in the past 30 days.
The sell-off intensified in the past 24 hours with more than $1.7 billion in crypto positions liquidated, according to CoinGlass. Long traders bore the brunt of the losses.
"Since the ~$19B liquidations on 10/10, markets have been cascading lower," Jasper De Maere, an over-the-counter trader at Wintermute, told CoinDesk. "The current weakness reflects a mix of ongoing digestion of 10/10, slightly more hawkish Fed tone, and a broader risk-off across assets, with the Nasdaq, crypto's closest proxy, down ~2% on valuation concerns."
The drawdown is seeing bitcoin now fight to defend a key level, its 50-week simple moving average, which has historically supported its long-term price recoveries. That level is just under $103,000.
"The sell-off is a reminder that liquidity remains thin, especially in long-tail alts, which is why we're seeing outsized negative price action, further propelled by a marketwide flight to safety," De Maere said.
Meanwhile, Tuesday's $128 million hack on Balancer raised fresh concerns about security in the decentralized finance ecosystem, further chilling sentiment.
As it stands, sentiment has taken a hit with the Crypto Fear and Greed Index now sitting on "fear." Near-term catalysts are limited according to De Maere, although the U.S. government reopening and supportive crypto legislation could support prices.
Stay alert!
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