Today's drop in Bitcoin and altcoins can be attributed to several key factors:

1. **Federal Reserve Statements**: Minneapolis Federal Reserve President Neel Kashkari's comments about only one potential rate cut in 2024 have dampened market sentiment. This contrasted with previous market expectations of multiple rate cuts, leading to increased bond yields and reduced risk appetite for cryptocurrencies [[❞]](https://cointelegraph.com/news/why-is-the-crypto-market-down-today) [[❞]](https://www.coindesk.com/markets/2023/06/28/bitcoin-drops-below-30k-as-altcoins-tumble-btc-dominance-reaches-26-month-high/).

2. **ETF Outflows**: There has been a significant outflow from Bitcoin exchange-traded funds (ETFs). Over $145 million was withdrawn from these funds recently, reflecting a de-risking strategy among investors. This outflow indicates reduced confidence and has put additional downward pressure on the market [[❞]](https://cryptonews.com/) [[❞]](https://cointelegraph.com/news/why-is-the-crypto-market-down-today).

3. **Long Position Liquidations**: In the past 24 hours, approximately $403 million worth of long positions in the crypto market were liquidated. When these positions are forced to close, it leads to increased selling pressure, further driving down prices [[❞]](https://cointelegraph.com/news/why-is-the-crypto-market-down-today).

Overall, these factors combined have led to a notable decline in both Bitcoin and altcoin prices today.

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