This Friday (07) the general scenario for cryptocurrencies still looks quite unfavorable, as bitcoin dropped US$6,000 in two days and most altcoins are still in the red.

Check out today’s Market Summary the size of the settlements, which add up to more than $317 million in losses on BTC futures contracts. Furthermore, despite an uninviting external scenario for risk taking and a domestic environment still full of uncertainties, the Ibovespa registers its first increase of the year.

Bitcoin deepens fall

After yesterday’s painful drop, the BTC remained just above its intraday limit, but the situation worsened hours later.

In the past 24 hours, cryptocurrency futures worth more than $812 million were liquidated when the BTC broke its $46,000 support level and dropped to $43,000.

The largest market cap cryptocurrency dropped to $42,500 in Asian trading on Thursday morning after trading above $47,000 on Wednesday. Traders have taken $317m in losses on bitcoin-tracked futures alone, with 87% of those positions betting on higher price movements, according to Coindesk.

Read too: Federal Revenue Service seized almost R$20 billion in cryptocurrencies in 2021

Settlements occur when an exchange closes a trader’s leveraged position forcibly as a safety mechanism due to a partial or total loss of the trader’s initial margin. This is particularly true in futures trading, which tracks only asset prices, as opposed to spot trading, where traders own the real assets.

Ibovespa rises 0.55% and the dollar drops 0.65% in one day

If the external scenario is uninviting for risk taking and here in the local markets the environment is still full of uncertainties, the Ibovespa finds a way to sustain the gains it presented at the highest levels of the day and closes the trading session with its first high of 2022.

The main stock index of the local market closed up 0.55%, at 101,561.05 points, a level well below the intraday high of 102,235 points, when it marked an increase of 1.21%.

External investors spent yesterday’s trading session reflecting the minutes of the last Fed’s monetary policy meeting, released on Wednesday, which, in the view of investors, indicated a more inclined stance towards the withdrawal of stimuli by the US central bank.

Read too: Rise of DeFi has led to new opportunities for criminals, says Chainalysis

In the foreign exchange market, a movement of adjustments, after the recent stress of recent trading sessions, allowed the dollar to end the day in decline. The commercial dollar ended the session at a low of 0.65%, trading at R$ 5.67

$164 million in ETH futures settlements

A drop in bitcoin prices has caused altcoin markets to record painful losses. More than 200,000 positions have been liquidated in the last 24 hours, with most of the losses occurring during US trading hours.

More than 87% of the $800 million in settlements took place in long positions, which are futures contracts in which traders bet on higher prices. Cryptocurrency broker OKEx reported $241 million in settlements, while raders operating in Binance had losses of $236 million.

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Futures contracts on ETH, the native currency of the Ethereum network, total more than US$164 million in settlements.

The second-largest cryptocurrency traded above $3,800 a few days ago but fell below $3,400 yesterday. Another ~4% drop since then has taken it to just over $3,240 at this point.

The result of the main altcoins in the last 24 hours is as follows: Ethereum (-3.13%), Binance Coin (-2.16%), Solana (-5.36%), Cardano (+0.83%), Ripple (+0.80%), Polkadot (-1.18%), Earth (-5.20%), Avalanche (-3.52%), Dogecoin (-0.60%), Shiba Inu (-0 .38%) and Polygon (+1.88%).

According to CoinGoLive, the market capitalization of all crypto assets has shrunk to about $2.11 trillion this Friday.

Follow the crypto market news on the Cointimes Telegram group (log in) and have a great day of trading.

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