August 24: Crypto Market Down on Interest Rate...

August 24: Crypto Market Down on Interest Rate Threat.

The decline in Bitcoin’s price created a chain reaction among big-money holders with leveraged positions in the cryptocurrency market. Essentially, as the crypto prices went down, many options became unprofitable, and futures were liquidated. This scenario further increased the downward pressure on prices. Over $1 billion in crypto futures and options contracts faced liquidation due to this chain reaction.