Traders were in the red Monday as $1.62 billion in bullish bets evaporated over the past 24 hours, according to data from the crypto analytics company Coinglass. Correspondingly, the crypto markets were down, as Bitcoin dropped 2.3% over the past 24 hours to below $113,000, per Binance. Ethereum, the second largest digital asset by market capitalization, had an even starker drop of almost 7% to just under $4,200. The total market capitalization of all cryptocurrencies was down almost 4% day-over-day to about $3.9 trillion, per CoinMarketCap.
William Cai, global head of crypto data at the crypto analytics company Kaiko, said the decline in crypto prices was “likely due to [the] unwinding of leverage post the Fed rate decision.” He also said that weekends historically have smaller trading volumes, which “magnified” the market decline.
