Crypto market experiences significant decline before FED meeting: $185 million vanish!
A notable drop in Bitcoin and altcoins is observed ahead of the FED’s interest rate decision. Analyst Michael van de Poppe predicts that BTC could plummet to $64,000 – $65,000.
Bitcoin and other digital assets faced a decrease as a result of the interest rate cuts before the FED’s meeting, along with political uncertainties in Europe and outflows in spot BTC ETFs.
With Bitcoin dropping over 3% in the past 24 hours to $67,000 and Ethereum falling to $3,500, concerns about the FED’s stance on interest rates have heightened selling pressure among investors.
As uncertainties in the US and negative economic data emerge, interest in risky assets like Bitcoin has waned, impacting market prices.
The sharp decline led to a significant loss of $185.3 million in leveraged positions within 24 hours, including both long and short positions. The largest liquidation occurred in the ETHUSDT trading pair on the Binance exchange, amounting to $6.60 million.
While Bitcoin and Ethereum saw liquidations of $49.5 million and $48 million respectively, other cryptocurrencies like Solana (SOL) and PEOPLE also experienced liquidations.
Despite the market turmoil, this downturn presents an opportunity for investors to buy at lower prices.
Analyst Michael van de Poppe suggests that Bitcoin’s decline could continue to $64,000 – $65,000 before a potential reversal. He points out that such corrections are common before major events and expects a market recovery following the upcoming FOMC meeting and CPI data release.
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