Deniz 
Over the past two days, the market for cryptocurrencies has seen a clear selloff that has resulted in a spike in liquidations.
Bitcoin and Ethereum Price Drop
Based on Bitcoin price statistics, the biggest cryptocurrency by market capitalization, Bitcoin, dropped 3.5% during the past 24 hours to $67,275; Ethereum dropped 4.6% to $3,495.
CoinGlass reports that over the past 24 hours, the selloff has caused over $270.4 million in leveraged holdings to be liquidated. Long positions accounted for a good share of $238 million.
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Leading Liquidations
With $70.5 million in liquidations, of which $64.6 million were long, ether led the way, as was the case in the wider market. Closely behind at $68.88 million was BTC. With $99.7 million at publishing time, Binance ranked most among exchanges undergoing liquidations.
Tracking the 30 biggest cryptocurrencies, the GMCI 30 fell 4.6% to 135.58—its lowest level since May 20.
Market Impact and Economic Releases
Markets are lower going into Wednesday’s double-dose of macroeconomic releases: a Federal Reserve monetary policy announcement and a monthly Consumer Price Index report.
According to Deribit CEO Luuk Strijers, BTC has an unusual correlation with risky assets.
“Traders are probably more conservative, so they might use option techniques to hedge until the economic situation is more clear-cut. This could help lower the risk. For Bitcoin and ether, implied volatility has reduced throughout the curve. For all the mentioned expiries, the basis yields and call skew remained high despite temporary uncertainty,” Strijers noted.
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