The major cryptocurrencies displayed a mixed performance on Monday evening as Bitcoin, the largest cryptocurrency in the world, experienced its sharpest daily decline in nearly four months due to a significant leverage wipe-out.
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EST) |
| Bitcoin (CRYPTO: BTC) | -0.30% | $41,829 |
| Ethereum (CRYPTO: ETH) | +0.27% | $2,239 |
| Dogecoin (CRYPTO: DOGE) | -3.06% | $0.096 |
What Happened: During a brief period on Sunday evening, the price of BTC experienced a significant decline, dropping to approximately $40,306.
According to data provided by CoinGlass, a total of 66,551 traders experienced liquidations. The overall value of these liquidations amounts to $236.04 million.It is worth noting that the largest liquidation order occurred on Bitmex, involving the LINK-USD pair with a value of $33.55 million.
For those unfamiliar, the term “liquidations” refers to the forceful closure of a leveraged trading position. This typically occurs when a trader’s available margin to cover the open position has been completely depleted. These instances of large-scale liquidations often indicate a local top or bottom in prices.
Top Gainer (24 Hour)
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EDT) |
| Injective | +30.26% | $26.6 |
| Immutable | +27.37% | $2.22 |
| KuCoin | +23.07% | $12.36 |
The global crypto market cap has reached $1.58 trillion, marking a 2.80% decrease in the last 24 hours.
The S&P 500 experienced an upward trend on Monday as investors aimed to maintain Wall Street’s positive momentum at the end of the year.Closing at 4,622.44, the S&P 500 index saw a 0.39% increase, marking its highest closing level since March 2022. The Nasdaq Composite also rose by 0.20% to reach 14,432.49.
As we move into the current week, investors are eagerly anticipating key inflation data, which has the potential to influence market movements and impact rate policy decisions from the Federal Reserve. The central bank’s two-day meeting is scheduled to commence on Tuesday.
Regarding significant economic data, Tuesday will see the release of November’s consumer price index reading, while the producer price index is slated for Wednesday. These upcoming data releases are among the final factors that could determine the market’s strength as we approach the end of 2023.
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