The crypto market saw a sharp downturn, with Bitcoin dropping by nearly 10% to $93,000 and Ethereum falling by almost 15% to $3,100. Other cryptocurrencies like Binance Coin, Solana, Dogecoin, and Cardano also recorded double-digit losses. The sell-off was attributed to the Federal Reserve’s hawkish stance on monetary policy and lack of support for a government Bitcoin reserve strategy. Liquidations totaling over $1.2 billion impacted long traders the most. Bitcoin and Ethereum traders suffered significant losses, with the most substantial liquidation occurring on Binance.
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