The cryptocurrency market experienced a sharp decline of about 10% in the last 24 hours due to the Federal Reserve’s latest policy update. Bitcoin’s price dropped by nearly 10%, reaching a low of $93,000, which is its lowest level since mid-November. Ethereum faced an even steeper fall, decreasing by almost 15% and reaching $3,100 – its weakest point since late November.
Other major cryptocurrencies like Binance Coin (BNB), Solana (SUN), Dogecoin (DOGE), and Cardano (ADA) also recorded double-digit losses, with some drops exceeding 10%. Market analysts attribute this widespread selloff to the Federal Reserve’s tighter monetary policy stance. Liquidations across the crypto market totaled over $1.2 billion, impacting 377,618 traders.
Speculators on Bitcoin and Ethereum took the brunt of the losses, amounting to $279 million and $277 million in liquidations, respectively.
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