The firm noted liquidations surpassing $1 billion in digital asset positions overnight, along with a $57 billion decline in altcoin market capitalization. Noteworthy was a selloff from Jump Trading, a Chicago-based trading firm that had played a significant role in the crypto industry before scaling back amid collapses and regulatory scrutiny. On-chain data by Spot On Chain indicate Jump moving $47 million worth of Ethereum to centralized exchanges (CEXs), though Wintermute cautioned against oversimplifying market movements by attributing them solely to Jump’s actions.
Market Meltdown Wipes Out $600 Billion According to a Fortune report, this market upheaval unfolded against a backdrop of widespread stock market sell-offs triggered by a disappointing jobs report and perceived inaction by the Federal Reserve (Fed). Despite recent positive developments in the crypto sector, such as the launch of Ethereum ETFs in the US in July, digital assets mirrored the stock market downturn.
The total crypto market cap tumbled from over $2.5 trillion on July 28 to approximately $1.9 trillion on Monday, marking the most substantial loss since 2022. Related Reading: Bitcoin RSI Goes Bearish For The First Time Since August 2023, Will It Crash Below $40,000?
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