Gift Market Liquidation Amount Recorded at 990.9 Billion Won in ‘Powell’s Chaos’

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Powell's FOMC press conference pours 'cold water' on the 'crypto dream'
Forced liquidation of investors reaches 241,068 due to cryptocurrency crash in the futures market
A record of about 241,068 investors were forcibly liquidated in a single day

Futures market liquidation amount, a record of 990.9 billion won in 'Powell's Nightmare'
A massive chain liquidation occurred in the cryptocurrency futures market, causing massive bleeding in the market.

According to data from the on-chain analysis platform CoinGlass on the 19th, the liquidation amount in the cryptocurrency futures market in a single day was about $682.08 million (about 990.9 billion won). The number of futures investors who experienced forced liquidation was estimated at around 241,068.

The reason for the large-scale liquidation in the cryptocurrency futures market is due to Powell's remarks. Jerome Powell, Chairman of the US Federal Reserve (Fed), poured 'cold water' on the 'crypto dream' created by former President Trump during the FOMC press conference on the 19th.

When asked about the plan to accumulate Bitcoin (BTC) as a strategic asset, Chairman Powell said, "The Fed cannot hold Bitcoin under the law" and "We will not pursue legal changes either." This directly refuted the plan of former President Trump, who had promised to strengthen the US economy through Bitcoin.

Due to Powell's remarks, Bitcoin and altcoins, which had been setting new highs with 'Trump power', plummeted, leading to massive liquidation.

According to a report by the cryptocurrency media CoinDesk, during Powell's press conference, Bitcoin plunged from $104,000 to $101,000.

The largest short-term liquidation that occurred on the exchange was the Ethereum (ETH) liquidation on Binance. According to CoinGlass data, about $40.7 million (about 5.9 billion won) of Ethereum long positions were liquidated on the 19th.

The liquidation amounts by cryptocurrency reported by CoinGlass are Bitcoin $172.9 million (about 251.1 billion won), Ethereum $133.63 million (about 194.1 billion won), XRP $102.5 million (about 148.9 billion won), Dogecoin (DOGE) $31.43 million (about 45.6 billion won), and Solana (SOL) $25.67 million (about 37.3 billion won).

Reporter Kwon Seung-won ksw@blockstreet.co.kr

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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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