Liquidations of Bitcoin and Ethereum futures contracts over the past half hour are among the reasons that have pushed Bitcoin below the $40,000 level and made Ethereum dive under $3,000.
As reported by Chinese crypto journalist Colin Wu, Coinglass has announced that a total of $110 million in Bitcoin and Ethereum trades has been liquidated across crypto exchanges.
A total of $57.25 million of this has been liquidated in Bitcoin and $38.03 in Ethereum. The flagship cryptocurrency is now changing hands at $39,821, and Ethereum is trading slightly below $3,000, although both BTC and ETH are struggling to recover.
Earlier, U.Today reported that the Goldman Sachs banking giant had announced that the Federal Reserve may raise interest rates 4x instead of 3x as was announced earlier. The interest rate hike may occur as early as March.