Hi Guys,
It's Big & Big #alert About $BTC Crash Below $57K !!!
Bitcoin Crashes to $57,000 and Ethereum Slips Below $3,000 Hours Before Fed Meeting
Bitcoin and Ethereum—and the rest of the market—are awash with red as investors expect more bad news from today's FOMC meeting.
In the hours leading up to the next Federal Reserve meeting, investor pessimism has hit Bitcoin and Ethereum hard.
At the time of writing, BTC has dropped 7.6% and ETH is down 6% over the past 24 hours. The Bitcoin price is hovering around $57,000, while the Ethereum price is stuck at just under $2,900, according to data from CoinGecko.
The volatility has been hellish for derivatives traders. In the past 24 hours, $457 million worth of crypto futures positions have been liquidated, according to CoinGlass. And no big surprise, $392 million of those were long contracts.
Traders opening futures contracts are essentially placing bets on future price action. To be long on an asset is to bet the price will go up. And to be short on it is to bet it'll go down.
And it's not just blue chips like Bitcoin and Ethereum that have been impacted. Sagging prices have been widespread throughout the market.
In fact, out of the whole top 100 cryptocurrencies by market capitalization on CoinGecko, just a few assets have escaped the sea of red, barring stablecoins that have managed to maintain their pegs, such as Tether (USDT) and Circle's USDC.
The U.S. Federal Open Markets Committee will publish its interest rate decision at 2 p.m. Eastern Time today, with Fed Chair Jerome Powell scheduled to speak at a press conference at 2:30 p.m..
Back in February, investors seemed certain that May would be the month that the FOMC finally cut interest rates—which is usually a bullish sign for risk assets like Bitcoin.
