A bitcoin (BTC) slump resulted in over $700 million worth of liquidations across futures tracking major tokens, with XRP and dogecoin (DOGE) products experiencing unusually high losses. BTC dropped under $100,000 in late U.S. hours before slightly recovering during early Asian hours Thursday, as the Federal Reserve hinted at a few rate cuts in 2025.
Fed chair Jerome Powell then stated that the central bank wasn’t allowed to own bitcoin under current regulations, leading to a 3% fall in BTC and causing a dive across majors. XRP, dogecoin (DOGE) and Solana’s SOL fell as much as 5.5%, with BNB Chain’s BNB and ether (ETH) down 2.5%. Chainlink’s LINK experienced a 10% drop.
Over $700 million in bullish bets were liquidated, with futures tracking smaller altcoins and meme tokens recording higher losses than BTC or ETH futures in an unusual move.
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