Liquidations Soar Beyond $1B As BTC, Altcoins Bleed Big Again

The adverse price movements that started after the controversial statements of the US Federal Reserve Chairman also continued today, with BTC dumping below $98,000.

Altcoins have been hit even harder, with massive double-digit losses from ETH, DOGE, ADA, AVAX, LINK and many others.

Cryptocurrency Market Overview. Source: QuantifyCrypto

CryptoPotato reported on yesterday’s price moves, which came minutes after the last FOMC meeting, in which Powell said the Fed could not buy bitcoins, and warned that rate cuts could be halted for 2025.

BTC fell from over $105,000 to just under $98,000, and altcoins followed suit. The major cryptocurrency managed to regain some ground today and even rose to almost $103,000 hours ago.

However, the asset is in another state of freefall as its price dropped a few grand once again minutes ago, to a weekly low of $97,500 (on Bitstamp) for now.

As the chart above demonstrates, the entire cryptocurrency market is in the red. XRP continues to bleed as it dropped below $2.2 earlier and is now down over 10%. Similar or even more severe price spills are evident in DOGE, SHIB, AVAX, LINK, ADA, BCH, DOT, XLM, SUI and even ETH.

The second largest cryptocurrency missed the important $3,500 resistance level and is now below after an 11% daily decline.

These massive price swings have hurt over-leveraged traders, with more than 330,000 market participants getting ripped off in the past 24 hours. The total value of liquidated positions exceeds $1 billion, according to CoinGlass.

The largest order occurred on Bitmex. It involved ETH and was worth $11 million.

Liquidation heat map. Source: CoinGlass SPECIAL OFFER (Sponsored) Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

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