Crypto Market Sees $442M in Liquidations; Trump's UN Speech Could Boost Prices
Bitcoin and other major cryptocurrencies have experienced a downturn, with over $442 million worth of liquidations in the past 24 hours. Despite this, a few coins have shown resilience, and an unexpected factor could temporarily boost the stock market.
Bitcoin, despite a smaller daily drop compared to Ethereum, has contributed $63 million in liquidations. Ethereum, due to its recent price dip, accounts for the largest share of liquidations at over $180 million. Solana has also prompted $34.8 million in daily liquidations after a 5.1% decrease in price.
Only four non-stablecoins have increased in value over the past seven days, with Aster leading the way. However, Aster's rise has not been without consequence, causing $13 million in liquidations despite having a green week. The majority of the crypto market is down, including these major coins.
An analyst at the cryptocurrency exchange Bitunix has noted that President Trump's attendance at the UN General Assembly could temporarily boost risk assets like bitcoin. The analyst suggests that a potential 'cooling-off window' for geopolitical issues could drive this temporary boost.
The crypto market has seen significant liquidations, with Bitcoin, Ethereum, and Solana among the affected coins. Despite this, a few coins have shown resilience. An analyst's memo suggests that President Trump's presence at the UN General Assembly could temporarily boost the stock market, providing a brief respite from the recent downturn.
