Bitcoin's sudden rejection at a price point of $113.5K results in a $330 million market correction

In a dramatic turn of events, the cryptocurrency market has witnessed a significant surge in volatility, leading to the liquidation of over 83,000 overleveraged traders in the past 24 hours. The single-largest liquidated position, worth over $15 million, took place on OKX, a major global crypto exchange.

The turbulence began after Bitcoin's price reached a weekly peak of $113,500 earlier today. However, this price increase was followed by a violent rejection of Bitcoin at its peak, causing the digital currency to drop by over three grand in less than an hour. The altcoins followed Bitcoin's price movements and were also affected by the rejection.

Ethereum (ETH) slumped from over $4,400 toward $4,200 due to the volatility. The total value of liquidations for Bitcoin and Ethereum reached $330 million on a daily scale, with $119 million in longs for BTC and $116 million for ETH.

The bulls managed to defend the $107,000 support level and reversed Bitcoin's trajectory in the past few days. This price increase came after the release of the latest US jobs report, which suggested that the US economy might be in a more dire condition than previously believed.

The upcoming FOMC meeting in September could see the US Federal Reserve lowering interest rates further, due to the job market conditions indicated in the report. This could potentially be a bullish development for riskier assets like Bitcoin.

Data from CoinGlass shows that the volatility in the cryptocurrency market has harmed traders. However, it's important to note that the largest investor holding one of the largest liquidated positions in OKX has not been explicitly identified in the available information.

Despite the recent volatility, the cryptocurrency market continues to attract significant attention and investment. OKX, with over 50 million users and $33.7 billion in assets, remains a major player in the global crypto exchange landscape. As always, it's crucial for traders to manage their risk and leverage appropriately in such volatile markets.

Bitcoin's sudden rejection at a price point of $113.5K results in a $330 million market correction