Bitcoin tumbled below $26K, causing a $120M liquidation storm

DXY Index soars to a two-month high, more rate hikes on the cards.

James Van Straten
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James Van Straten
This article was published 3 years ago. Some details may no longer reflect current market conditions or recent developments. If you spot anything that needs an update, contact us.
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Quick Take

  • The Dollar Index (DXY) continues rising, hitting 104.11, up 2.80% in the past month.
  • However, Bitcoin's negative DXY correlation persists, with the former sinking as low as $25,800 on Thursday.
  • In the past 24 hours, total liquidations reached $120 million, mainly on longs.
  • Further rate hikes may be on the cards – with predictions for a 25bps rate hike now coming in at 31% – with only one rate cut factored in for the rest of the year.
  • The next FOMC meeting is 20 days away.
BTC&DXY: (Source: TV)
BTC&DXY: (Source: Tradingview)
Liquidations: (Source: Coinglass)
Liquidations: (Source: Coinglass)
Fed Probabilities: (Source: CME)
Fed Probabilities: (Source: CME)
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James Van Straten
James Van Straten
Former Lead Analyst CryptoSlate

James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century's paramount invention.

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Bitcoin BTC (24h)
$79,587.54 -1.15%
Market Cap $1.59T
24H Volume $33.36B