Crypto Market Bloodbath: Over $800 Million Liquidated, Bitcoin Drops 10%
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During early Asia trading, the cryptocurrency market experienced a significant decline, cutting its total capitalization to around $1.97 trillion—marking the first dip below $2 trillion since mid-February. This downturn comes amid speculation surrounding the Federal Reserve’s stance on emergency rate cuts.
Bitcoin's price fell below $60,000, settling at $53,399—a 10.8% decrease in the last 24 hours. Ethereum also dropped sharply by 21.2%, reaching $2,306 after a brief low of $2,240.
Ethereum's decline has impacted DeFi ecosystems, with increased gas fees and potential liquidations if prices fall further. On-chain data suggests that Ethereum dipping to $1,950 could result in $92.2 million in liquidations within DeFi protocols.
In the last 24 hours, crypto markets have seen over $800 million in liquidations, predominantly from long positions. A significant $27 million liquidation occurred on Huobi. The broader market sentiment has turned bearish, evidenced by the fear and greed index plummeting to 26.
Macroeconomic concerns have fueled this downturn. The Bank of Japan's recent hawkish stance and the US Federal Reserve's cautious approach to rate cuts have heightened market jitters. Predictions indicate an increased likelihood of a Fed emergency rate cut, further exacerbating market fears.
Source: beincrypto.com ↗
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