Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Open interest in futures tied to Shiba Inu dropped over 8% in the last 24 hours, according to CoinGlass data, reaching $90.45 million, or 12,115,359,174,493 SHIB.
This comes as the broader crypto market saw a sell-off on Thursday, with most crypto assets, including SHIB, trading in red. At press time, SHIB was down 3.92% in the last 24 hours to $0.00000744 and down 5% weekly.
Bulls took a pause across the crypto markets over the past 24 hours as risk-off sentiment swept through global markets.
Even though the Federal Reserve's decision to hold interest rates steady at 3.5%-3.75% was widely expected, a rotation into safe haven assets left crypto traders facing a sell-off.
Market faces sell-off
The broader crypto market has seen a drop since a rally at the start of the year. This follows continued profit-taking on the market, with cryptocurrencies reversing their gains at the week's start.
In the last 24 hours, crypto futures bets worth $369 million have been liquidated, marking a 15% increase in the last 24 hours. Most of these are long positions hoping for prices to further increase.
The total open interest in all crypto futures has fallen nearly 3% to $132.74 billion at press time, following the market sell-off.
On Wednesday at its January meeting, the Fed left rates unchanged at 3.5% to 3.75%, ending a recent run of interest rate cuts.
With the Federal Reserve unsurprisingly deciding to keep its key interest rate unchanged yesterday, attention turned to Powell's post-announcement press conference.
Powell said the economy was on "firm footing" and said that the Fed does not see current monetary policy as "significantly restrictive."
Tomiwabold Olajide
Godfrey Benjamin
Gamza Khanzadaev