The cryptocurrency market experienced a sudden loss of value, led by Bitcoin. The world's largest cryptocurrency fell by 5.74% in the last 24 hours.$BTC
Bitcoin is trading at $98,074 at the time of writing. The reason for the decline is thought to be the hawkish FOMC statements following the FED’s 25 basis point rate cut decision yesterday and the hawkish statements made by FED Chair Jerome Powell at a press conference that the pace of rate cuts would slow down.
According to the FED's dot plot graph, while previous forecasts expected four interest rate cuts for 2025, this estimate was reduced to two with the revision made yesterday.
As a result of these developments, many cryptocurrencies in the altcoin world also declined by double digits. Ethereum fell to $3,472, losing 10.61% in the last 24 hours. Among the top 100 cryptocurrencies, the ones that lost the most value were LDO, RUNE, GALA, FLOKI and PENGU, respectively.
The sudden drop in the market brought with it a large amount of liquidation. According to the latest data, a massive liquidation of $1.05 billion occurred in the cryptocurrency market in the last 24 hours. $911 million of this was due to long positions. Bitcoin ranked first among the cryptocurrencies that saw the most liquidation, followed by Ethereum, Dogecoin, XRP and Solana.