Over 158K crypto traders lose all their funds as Bitcoins bows to strong dollar

Bitcoin and Ethereum prices have both broken their key support levels of $40K and 3K respectively, and investor sentiment is bearish.

There were 158,832 liquidations for the day, totalling $387.96 million. The largest single liquidation occurred on Okx, a BTC-USD-220930 transaction valued at $2.93 million.

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The main driver of the round of liquidations, according to proponents, was a sharp selloff in the previous week, driven by a strong dollar that has reached new highs in two decades.

There was also a sudden drop in the price of many altcoins like Cardano, Solana, and XRP

As investors bet that the Federal Reserve’s interest rate increases will leave other central banks in its wake, the US dollar surged to its highest level in 20 years on Thursday.