- After record highs, the world’s largest cryptocurrencies have been withdrawn.
- More than 1 billion $ In long positions were liquidated over the weekend.
- US markets expect strong consumer data to support market recovery.
and love affair with sky-high valuations continued over Valentine’s weekend. But come Monday, things did not look so cute.
peaked on February 14, when it hit $ 48,632, according to the computer company Nomics. Depending on what markets you see, Bitcoin went as high as $ 49,500 on the day.
But as soon as it started flirting dangerously with $ 50,000, it withdrew and dropped back to $ 47,000.
Things have improved a bit, but market watchers who were sure that Bitcoin would go well beyond $ 50,000 and had placed long positions on the price so that their games are wiped out according to Bybt, a derivatives market data company.
In fact, nearly $ 600 million in long positions rose in smoke on Bitcoin alone. But the bleeding did not stop there.
also broke records over the weekend, but its highlight came at the start of the weekend instead of the end. On February 12, it touched $ 1,840 on 12 February, according to Nomics.
Its position has been sliding ever since and has taken bullish futures traders with it. Ethereum experienced $ 330 million in liquidations over the last 24 hours and demonstrated once again that while crypto has the air of legitimacy about it, it is still a wild ride when it comes to price movements.
Farther away, few, if any projects, avoided bloodshed. The biggest losses were , down 8%, down 10%, down 12% and takes a marked 13% hit in its price.
The decline saw global market value fall from $ 1.5 trillion to $ 1.3 trillion. Things are recovering a bit, but it was a baptism of fire for new investors over the weekend.
Retail and housing data set to dominate markets this week
US markets are off today thanks to a national holiday, but the mood is focused on improving consumer spending and house data to support the market’s recent bull run.
Economists expect retail sales to rise 0.9% in January during December, according to data prepared by Bloomberg.
Consumer spending also looks more positive, according to Bank of America. “Since the beginning of the year, total card spending has been running an average of 5.6% year-on-year, especially up from the December average of 2.5% year-on-year,” Bank of America economists Michelle Meyer and Anna Zhou wrote. in a note last week.
In addition, a new batch of housing data is set to indicate that Americans took full advantage of low interest rates to relocate last year, but it may be slower this quarter.
The Ministry of Trade’s housing report, which is expected on Thursday, is expected to show that both new construction and permits for future construction withdrew from a 14-year height. December house starts had risen 5.8% to a seasonally adjusted annual rate of 1,669 million, the highest level since 2006. After such a strong end at the end of the year, consensus economists are looking to start ticking down 0.7% in January.
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