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Bitcoin ETFs bring in over $6 billion in November after another $1 billion day Solana hits new $264 all-time high as DEX volume reaches $100 billion monthly milestone US Bitcoin ETFs surpass $100 billion, pose challenge to largest Bitcoin holders Bitcoin surges to $97k as market leverage hits historic $63 billion Memecoin revival drives Solana DEX Raydium past Tether in fees
Bitcoin tumbled below $26K, causing a $120M liquidation storm Bitcoin tumbled below $26K, causing a $120M liquidation storm James Van Straten · 2 years ago
Insights BitcoinMacro

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 / @jvs_btc / May. 25, 2023 at 9:02 am UTC

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)
Analyst

James Van Straten

Former Lead Analyst at 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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