BREAKING: Over 40,000 Investors Lose $177 Million Betting Against Crypto Market Rise

A rise in Bitcoin is slowing as investors await US inflation statistics and watch for a major Ethereum blockchain upgrade, both of which have the potential to increase market volatility, leaving some investors burned.

Over the past day, 45,776 traders betting against the rising crypto market have been liquidated, with total liquidations amounting to $176.97 million.

The largest liquidation order was on Okex – BTC-USD-SWAP worth $3.50 million.

Early on Monday, the top token rose 3.3%, momentarily hitting $22,000 before reversing course and trading virtually flat as of this writing. Small currencies like XRP and Solana, as well as Ether, were struggling.

The major cryptocurrency had a rough week as it fell to a six-week low at just over $18,500 in the middle of it. Since it fell below $20,000 at the end of August, it has lost a lot of value and this trend has continued.

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After this regional low, BTC gained ground and rebounded from $19,000. It was not even affected by the European Central Bank’s record hike in interest rates.

On Sept. 9, bitcoin rose around 10% as more undervalued assets gained support on the back of a weaker dollar, suggesting there was a little less fear in what was a difficult year for global markets.

A higher-than-expected rise in US inflation on Tuesday could increase the likelihood of tight monetary policies, which is bad news for the value of cryptocurrencies. Any hiccups in the upgrade of Ethereum, which is slated for later this week and is the most commercially important crypto network, could also cause unrest.

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Ahead of the latter’s move to a more energy-efficient blockchain, known as Merge, Ether, the native coin of the Ethereum network, is in the spotlight. The many financial apps that rely on the network are under close watch for any hiccups, and the crypto community is on high alert.

With the merger fast approaching, the second largest cryptocurrency is now poised to break through $1,800.

Robert D. Coleman